BEIJING, Jan. 17 (Xinhua) -- In their latest move to support the real estate market, China's financial authorities on Saturday announced that they will lower the minimum down payment ratio for commercial property mortgages to no less than 30 percent.

File photo: IC

The adjustment, which also applies to properties with dual business and living purposes, marks a significant reduction from the previous minimum down payment requirement of 50 percent for commercial properties such as shops, commercial apartments, office buildings, shopping complexes and hotels.

The move aims to adapt to the shifting supply-demand dynamics of the property market and support a new development model for the real estate sector, according to a joint statement from the People's Bank of China and the National Financial Regulatory Administration.

Local central bank branches and financial regulatory offices will make city-specific arrangements and determine specific down payment requirements for their jurisdictions, which will be in line with both the regulatory requirements of local governments and the national minimum baseline, per the statement.

The reduction is among the central bank's recent measures to support growth and facilitate the structural improvements announced by Zou Lan, deputy governor of the central bank, at a press conference on Thursday.

The central bank will cut interest rates on all structural monetary policy tools by 0.25 percentage points, Zou said, revealing that there remains further room to cut interest rates and the reserve requirement ratio this year.