Jun 14, 2022 08:53 PM

BUSINESS

China’s Efforts to Prop Up Property Market Fall Short

By Guo Yingzhe, Wang Jing and Niu Mujiangqu

Dozens of Chinese cities have cut mortgage rates and lowered down-payment requirements by 10 percentage points to 20% of the property’s price. Photo: VCG

Dozens of Chinese cities have cut mortgage rates and lowered down-payment requirements by 10 percentage points to 20% of the property’s price. Photo: VCG

China’s real estate market has been in freefall for months, after tough regulatory curbs on developers’ borrowings pushed it into a crisis of liquidity and confidence.

Though around 100 cities tweaked their property policies in May, the sales of the top 100 developers were still down 59.4% year-on-year, according to data from property consultancy China Real Estate Information Corp (CRIC). However, they did rise 5.6% from the previous month.

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