China Just Unveiled The Strongest Remedies Yet For Its Troubled Housing Market

Apartments under construction in Wuhan, China.VCG/Getty ImagesThe Chinese government unveiled a raft of measures to stimulate its embattled housing market.It will remove the floor on mortgage rates, offer cheaper housing loans, and lower down payments.Overbuilding has led to supply far outpacing demand, leaving developers short of cash and deep in debt.Chinese authorities just announced their biggest effort yet to shore up the troubled housing market.In a slew of statements on Friday, the People's Bank of China said it would remove the nationwide floor on mortgage rates for first-time and second-time homebuyers, lower interest rates on housing loans, and reduce minimum down payments in a bid to boost demand.The central bank will also set up a 300 billion yuan ($42 billion) relending program for public housing, which it expects to fuel an extra 500 billion yuan of bank lending, Bloomberg reported, citing official comments at a briefing.Moreover, the Chinese government will push local officials to purchase empty homes from developers and turn them into affordable housing, the state-run Xinhua news agency reported, citing comments from Vice Premier He Lifeng.He said the new policies were in the public interest and supported economic development.

BING NEWS:
  • China Rolls Out Strong Measures To Fix Broken Housing Market
    Beijing is easing mortgage rules and pushing city and local authorities to buy up unsold homes to be converted into affordable housing in China's strongest measures yet to shore up its troubled ...
    05/17/2024 - 4:17 am | View Link
  • China just unveiled the strongest remedies yet for its troubled housing market
    The Chinese government unveiled a raft of measures to stimulate its embattled housing market.It will remove the floor on mortgage rates, offer cheaper housing loans, and lower down ...
    05/16/2024 - 10:33 pm | View Link
  • More

 

Welcome to Wopular!

Welcome to Wopular

Wopular is an online newspaper rack, giving you a summary view of the top headlines from the top news sites.

Senh Duong (Founder)
Wopular, MWB, RottenTomatoes

Subscribe to Wopular's RSS Fan Wopular on Facebook Follow Wopular on Twitter Follow Wopular on Google Plus

MoviesWithButter : Our Sister Site

More Business News