China Extends Mortgage Terms to 40 Years to Reduce Monthly Payments

The People's Bank of China and the National Financial Regulatory Administration announced a new policy on August 28, extending the maximum term for personal housing loans from 30 to 40 years. This adjustment reduces monthly mortgage payments by approximately 15% for a 1 million yuan loan, though it increases the total interest paid by 200,000 yuan. The policy has drawn criticism from the public, with some social media users sarcastically labeling it as a debt burden passed down through generations.