Caixin
Feb 18, 2022 05:18 AM
ECONOMY

City in Shandong Takes First Step to Shore Up Housing Market

Heze is the first Chinese city to take major easing measures targeting home buyers to support the real estate market
Heze is the first Chinese city to take major easing measures targeting home buyers to support the real estate 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.

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