Reported about 1 year ago
The government introduced the New Qing-An policy to help young people afford homes by extending the grace period to five years and allowing loan terms of up to 40 years. However, critics argue that it has become a tool for investors, driving property prices higher. Despite lowering the threshold for homebuyers, with property prices staying high, loan amounts have increased. According to the Credit Information Center's statistics, in the fourth quarter of 2023, the average mortgage amount was 9.705 million, an increase of 852,000 from the previous year, highlighting the growing pressure on people shouldering mortgages in a high-priced housing market.
Source: YAHOO