China implements mortgage rate cuts and eases homebuying rules to stabilize property market.
Beijing has introduced measures to stabilize its property market, led by the People's Bank of China and the National Financial Regulatory Administration. Mortgage rates for first and subsequent home purchases must be reduced by at least 30 basis points below the loan prime rate by October 31, 2024. Additionally, Shanghai has eased homebuying rules, allowing buyers to purchase two homes and lowering down payment requirements to 15%. Banks must announce adjustments by October 12.
September 29, 2024
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