China announced a slate of fresh measures Friday to reinvigorate its ailing property industry after the latest data showed housing prices have slumped nearly 10% since the start of the year.
Among other things, the central bank said it would reduce the minimum down payment for mortgages and remove the floor on interest rates for first and second homes.
China’s housing market has slumped after a crackdown on excessive borrowing by property developers several years ago, dragging along a wide range of other businesses — such as home furnishing, appliances and construction — and slowing growth in the world’s No. 2 economy.
Dozens of developers, whose legions of high-rise apartments have transformed urban landscapes across China, have defaulted on their debts. Many projects have just stalled, unfinished.
He Lifeng, a vice premier, said officials would roll out policies to suit each city and “fight the tough battle of dealing with the risk of unfinished commercial housing.”
Related articles:
Related suggestion:
Tesla, Volvo Car pause output as Red Sea shipping crisis deepensSeymour promise reveals tension at the heart of governmentLabour Party says use of Andrew Tate image in Instagram post a mistakeIran sentences Nobel laureate Narges Mohammadi to additional prison termMysterious 'Big Ring' found in space 'must surely be telling us something'Tear gas as crowds clash with riot police in RussiaUS and UK launch fresh strikes on Houthis in YemenVaccine maker becomes China's richest man after wealth increases fiftyEaster weather: Chilly Good Friday forecast as southerly winds sweep New ZealandTame Iti brings Haki Ātea to Waitangi
3.0151s , 4667.171875 kb
Copyright © 2024 Powered by China rolls out new measures to fix its property crisis, spur growth ,Global Gathering news portal