60 million unsold Chinese apartments cause property slump; policymakers introduce 300 billion yuan initiative and lower city mortgage rates to stimulate demand.
China's 60 million unsold apartments are causing a property slump, with prices falling at the fastest rate in a decade. Policymakers aim to reduce the glut of housing inventory by introducing a 300 billion yuan initiative for local governments to purchase unsold homes and urging cities to lower down payments and mortgage rates to stimulate demand. However, the success of these measures remains uncertain.
May 31, 2024
6 Articles