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China's major cities relax home-buying policies to tackle property crisis

China's major cities relax home-buying policies to tackle property crisis

Posted on June 3, 2024   |  

China’s largest cities are relaxing home-buying policies in response to top leaders' calls for aggressive measures to tackle the property crisis.

Guangzhou and Shenzhen, two of China's four Tier-1 cities, have lowered down payment requirements for first-home purchases by 10 and 15 percentage points, respectively, and reduced mortgage rates for second homes.

These cities have also decreased banks' loan prime rates to boost the housing market.

Shanghai recently cut down payment requirements and eased restrictions on non-locals buying homes, setting a precedent for other cities.

Beijing, the only Tier-1 city yet to act, is anticipated to introduce similar measures soon.

Investors are keeping an eye on property sales in Tier-1 and Tier-2 cities, as well as possible central government initiatives to purchase unfinished projects and launch housing trade-in programs.



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