China will subsidize one percentage point of annual interest on qualifying first-home mortgages for up to five years, allowing a borrower with a 1 million yuan loan to save as much as 50,000 yuan. The program, due to begin Oct. 1, applies to new commercial mortgages for first homes no larger than 120 square meters and priced at no more than 1.5 million yuan. The central government will fund 90% of the cost and local governments the rest. Separately, the People’s Bank of China cut the one-year pledged supplementary lending rate by 25 basis points to 1.5% and expanded support to six infrastructure networks. The measures form part of a broader fiscal and monetary push to support housing, consumption, investment and growth as property development and fixed-asset investment weaken.