City in Shandong Takes First Step to Shore Up Housing Market

A city of 8.8 million in eastern China’s Shandong province eased mortgage requirements for home purchases, taking a leading step to shore up the sagging property market.

The Heze branches of the four biggest state-owned banks all reduced the down-payment ratio from 30% to 20% for first-time homebuyers, Caixin learned Thursday from multiple sources. Banks in most Chinese cities currently require new buyers to put down 30% of the purchase price.