Coins and banknotes of China's yuan are seen in this illustration picture taken February 24, 2022.
Country Garden, China's largest private developer by sales, did not immediately respond to Reuters request for comment.
Lower deposit rates will partially offset various pressures on banks' narrowing net interest margins - a key gauge of profitability, said Nicholas Zhu, a banking analyst at Moody's.
"The impact of the deposit rate cut is material, given that close to three-quarters of Chinese banks' liabilities are deposits," Zhu said.
China's mortgage loans totalled 38.6 trillion yuan ($5.29 trillion) at the end of June, representing 17% of banks' total loan books.
Persons:
Florence Lo, Nicholas Zhu, Zhu, Ziyi Tang, Ryan Woo, Wang Jing, Davide Barbuscia, Anne Marie Roantree
Organizations:
REUTERS, HK, Industrial, Commercial Bank of China, China Construction Bank Corp, Agricultural Bank of China, Reuters, Industrial Bank Co Ltd, China Bohai Bank Co Ltd, Thomson
Locations:
BEIJING, Beijing, China, Washington, Guangzhou, Shenzhen, New York, Lincoln