INSIGHT: GREATER CHINA - Beijing banks on stimulus measures to spur homebuying,
12 September 2023
SEPTEMBER 12, 2023 INSIGHT: GREATER CHINA Beijing banks on stimulus measures to spur homebuying, stabilize real estate sector THE TAKEAWAY introduced two other stimulus measures: a reduction in the minimum down payment required for both first- and After years of keeping China’s property sector on a tight leash, Beijing seems to have finally let the country’s second-time homebuyers, and increased f. [...] While experts and Following the central government’s announcements, consumers alike welcome the change, some remain more than 20 cities introduced the new lending skeptical about whether these policies will be enough to policies, including the megacities of Beijing, Shanghai, finally bring an end to the country’s real estate woes. [...] On August 25, the the policy’s implementation, some real estate offices Ministry of Housing and Urban-Rural Development, in Shanghai and Beijing operated all evening, making the People's Bank of China, and the National one month’s worth of sales in a single day. [...] The sale of Administration of Financial Supervision issued a joint second-hand homes also increased, suggesting that notice that redefined the relation between a mortgage homebuyers are purchasing from other homeowners and the number of homes owned. [...] sector marks a major shift, more progressive policies As such, the recent liberalization of the real estate will be needed to truly revitalize the industry.