The much-anticipated provision on housing lending recently issued by the People's Bank of China now faces an embarrassing situation.

According to the country's central bank, domestic commercial banks could extend to ordinary debtors a maximum 70 percent off their basis lending ratio to buy the first self-accommodating home or to buy a house for the purpose of improving previous living conditions as of October 27.

Also, the down payment ratio could be lowered to 20 percent. Within days of the announcement of the long-awaited policy, domestic commercial banks, the real operators of the central bank's move, should have rushed to work out details on how to implement relevant preferential interest rate measures to boost their bleak business as the real estate industry is still in a slump.