Caixin
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).

You've accessed an article available only to subscribers
VIEW OPTIONS
Share this article
Open WeChat and scan the QR code
NEWSLETTERS
Get our CX Daily, weekly Must-Read and China Green Bulletin newsletters delivered free to your inbox, bringing you China's top headlines.

We ‘ve added you to our subscriber list.

Manage subscription
PODCAST
China Stories: The Rural Hardship Behind the Mine Murders That Shocked China
00:00
00:00/00:00