China’s Mortgage Relaxation Spurs Weekend Sales in Mega Cities

(Bloomberg) — Housing sales in two of China’s biggest cities soared in the past two days following mortgage relaxations, an early sign that government efforts to cushion a record housing slowdown are helping.

Existing-home sales in Beijing and Shanghai doubled over the weekend from a week earlier, according to CGS-CIMB Securities. “We were surprised by the strong pickup in Beijing and Shanghai, despite the challenging economy,” said Raymond Cheng, head of China property at CIMB.