Two of China's biggest and most expensive cities have relaxed regulations on home purchases, allowing more people to qualify for favorable mortgage terms for...
Two of China’s biggest and most expensive cities have relaxed regulations on home purchases, allowing more people to qualify for favorable mortgage terms for their first homes as a protracted property crisis continues to weigh on the world’s second-largest economy.
The moves come after the central government last week widened the definition of first-home home buyers as part of its efforts to revive the ailing property sector. Last month, China’s housing minister, Ni Hong, urged other authorities to enact property-market easing measures, including reducing mortgage rates and downpayment ratios for first-time home buyers.
Since last winter, Beijing has rolled out a cascade of rescue policies to support the beleaguered property sector, which accounts for roughly a quarter of China’s economy. The measures have so far been unable to engineer a real-estate revival, with leading developer Country Garden Holdings 2007, +1.14% fueling contagion fears after missing interest payments on some of its bonds earlier this month.
“Although the company had already anticipated the market adjustment in the industry cycle, the profundity and persistence of the market’s downtrend still caught the company off guard,” it said in a filing.
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