SHANGHAI, July 24  -- Shanghai home buyers will have access to discounted loan rates next month while high price, oversupply and credit tightening continue to drag down the property sector.

The Agricultural Bank of China, one of China's Big Four banks, said on Thursday that it will offer a 5 percent discount on interest rates to clients borrowing at least 2 million yuan for their first homes.

The relaxation, although small, caught market attention as the property policy of the biggest Chinese city is deemed the wind vane of the whole country's real estate policy, which puts containing prices its priority.

Other big banks have not made similar moves yet.

The central government has not indicated any shift in nationwide property policy. Instead, quicker reforms, loosening credit and infrastructure construction have been used to offset the impacts of the real estate slowdown.

China's economic growth showed more recovery signs in the second quarter after a bumpy start in the beginning of the year. Growth accelerated to 7.5 percent in the second quarter from the 7.4-percent expansion in the first.