Reported 8 months ago
Since the People's Bank of China introduced the '517 New Housing Market Policies' last month, which eliminated the minimum personal mortgage rates for first and second homes across the entire mainland except for Beijing, Shanghai, and Shenzhen, over 200 cities have relaxed their mortgage policies. With the removal of the minimum mortgage rates, banks have adjusted their rates accordingly, resulting in a noticeable decrease in rates. Additionally, over 200 cities have adjusted their mortgage policies, with most cities now offering first home mortgage rates below 3.5%, and some like Guangzhou and Suzhou as low as 3.15%. Apart from rate reductions, there have been over 70 cities implementing housing exchange policies to further stimulate the real estate market, with some cities already seeing positive outcomes. Various cities have expanded and updated their 'housing exchange' programs to encourage residents to sell their homes and purchase new ones.
Source: YAHOO