Reported 6 months ago
Chinese policymakers are aiming to alleviate the housing oversupply issue in China, where around 60 million unsold homes are causing a significant property market slowdown. To address this, the central bank has introduced a $41 billion initiative for local governments to purchase unsold homes and encouraged cities to reduce downpayment requirements and mortgage rates. Despite these efforts, the challenge remains significant, with the excess inventory mainly concentrated in larger cities like Beijing. The effectiveness of these measures in reviving home sales and resolving the crisis is uncertain, as even major metropolitan areas are experiencing a decline in confidence in property as a reliable investment.
Source: YAHOO