Caixin
Sep 30, 2022 03:05 PM
ECONOMY

China Ramps Up Housing Support but Analysts Say It’s Not Enough

Residential buildings stand in the Luohu district of Shenzhen on Aug. 4, 2014.  Photo: Bloomberg
Residential buildings stand in the Luohu district of Shenzhen on Aug. 4, 2014. Photo: Bloomberg

(Bloomberg) — China’s central government is allowing nearly two dozen cities to lower mortgage rates for purchases of primary residences, in a move analysts said was likely to provide only limited help for the country’s struggling housing market.

Eligible cities will be able to maintain, lower or remove the minimum interest rates set for loans that go toward primary-home purchases in their jurisdiction, according to a statement from the central bank and banking regulator late on Thursday evening Beijing time. The permission will last through year-end and the new rates can be negotiated between banks and their customers.

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