- ‘We need to better implement the supporting policies such as lower down payment ratios and reduce mortgage lending rates,’ says housing minister Ni Hong
- New home sales fell 5.3 per cent in the first six months versus a year earlier, according to government data
China is planning to guide mortgage financing rates lower and reduce down payment ratios in the housing market in a bid to encourage more residents to make their first home purchases and help revive the ailing industry.
Ni Hong, Minister of Housing and Urban-rural Development, told representatives of developers at a government conference on Thursday that more loosening measures would be implemented to spur a market recovery, given its importance and contribution to the nation’s economy.
“We need to better implement the supporting policies such as lower down payment ratios and reduce mortgage lending rates,” state-run Xinhua News Agency reported, citing the official as saying at the conference. Some homebuyers will also be exempted from paying taxes for home purchases, he was quoted as saying.
The official’s remarks came after the Politburo, the Communist Party’s top decision-making body, announced on Monday that it would enforce a series of policies to engineer a gradual recovery of the industry through 2025. More property easing measures will be implemented, it said without elaborating.
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Source: www.scmp.com
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