On May 8, following a decision by China’s central bank, Shenzhen implemented a synchronized 0.25 percentage point cut to individual housing provident fund loan rates. The new rate for first-home provident fund loans over five years is now 2.6%.

A reporter visiting a residential project in Shenzhen’s Longhua District observed a packed sales center filled with prospective buyers. According to a sales manager, 40–60% of the project’s buyers are first-time homebuyers with rigid demand, making them highly responsive to the interest rate cut. Based on the maximum family loan limit of 2.31 million yuan, a 30-year loan could save approximately 110,000 yuan in interest payments.

Recently, the property has been seeing around 1,000 visitors per day.