Sep 30, 2022 05:07 AM

ECONOMY

China Allows Cities to Further Cut Mortgage Rates Amid Housing Slump

China’s housing market has been contracting since last year amid a liquidity crunch facing developers and slumping sales attributed to continuing Covid lockdowns

China’s housing market has been contracting since last year amid a liquidity crunch facing developers and slumping sales attributed to continuing Covid lockdowns

China will allow local governments to further relax mortgage loan requirements for first-home buyers in another effort to bolster a sagging housing market that’s dragging down the world’s second-largest economy.

Qualified cities will be allowed to decide whether to maintain, lower or scrap the floor on mortgage rates for first-home buyers through year-end, the People’s Bank of China (PBOC) said Thursday in a joint statement with the China Banking and Insurance Regulatory Commission (CBIRC).

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