China's Bank of Communications Co Ltd (BoCom) plans to host an internal meeting on Wednesday to discuss changing rates charged on existing mortgages, financial media outlet 21jingji.com reported.

Chinese lenders are widely expected to cut interest rates on existing mortgages after the central bank early this month said it would guide commercial banks to do so.

Hong Kong's Hang Seng Mainland Properties Index rose roughly 6% after the 21jingji.com report.

Several BoCom departments, including corporate finance and personal finance, will attend the meeting to start a project that would adjust existing mortgage rates, 21jingji.com reported, citing a screenshot obtained by the outlet.

The report did not offer other details of the plan. BoCom, the country's sixth-largest lender by assets, did not immediately respond to a request for comment.

The report is the first of a big state bank moving to implement the repricing of existing mortgages.

The central bank's proposal to cut rates, which came after a wave of early repayment of mortgage debt, aims to reduce the financial burden on homebuyers and to boost consumption. (Reporting by Beijing Newsroom; Editing by Conor Humphries)