China announces significant measures to boost property market
by ChemOrbis Editorial Team - content@chemorbis.com
According to media sources, China announced significant measures on Friday to boost the weakening property sector, easing mortgage regulations and urging local governments to purchase unsold homes from developers for conversion into affordable housing.
The People’s Bank of China (PBOC) reduced the nationwide minimum mortgage interest rate and cut the minimum down payment to 15% for first-time buyers and 25% for second homes.
The bank will also provide an additional 300 billion yuan ($42 billion) in funding to help state-owned firms purchase homes at reasonable prices, which will be used to provide affordable housing.
The recent moves by the country underscore the importance of the housing sector in China’s economy. China’s housing sector has been declining since 2021, and while the government has tried to get the sector back on track with several measures, there has been no meaningful recovery.
The People’s Bank of China (PBOC) reduced the nationwide minimum mortgage interest rate and cut the minimum down payment to 15% for first-time buyers and 25% for second homes.
The bank will also provide an additional 300 billion yuan ($42 billion) in funding to help state-owned firms purchase homes at reasonable prices, which will be used to provide affordable housing.
The recent moves by the country underscore the importance of the housing sector in China’s economy. China’s housing sector has been declining since 2021, and while the government has tried to get the sector back on track with several measures, there has been no meaningful recovery.
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