Reported 5 months ago
Several cities in China, including Hefei and Wuhan, have reduced down payments for first-time homebuyers and lowered mortgage loan interest rates in response to recent stimulus measures aimed at boosting sluggish property demand. This move comes after the central bank announced the lowest allowed down payment ratio and the elimination of the floor level of interest rates. These actions are part of broader efforts to stabilize the country's struggling property sector, which has been experiencing a downturn since 2021. The measures are expected to benefit homebuyers and investors, but it may take some time for policy changes to translate into increased home sales.
Source: YAHOO