The Chinese mainland's financial authorities, including the People's Bank of China and the National Financial Regulatory Administration, unveiled a series of measures on Sunday aimed at stabilizing the real estate market.
One of the key initiatives requires mortgage rates for first homes, second homes, and beyond to be reduced by no less than 30 basis points below the loan prime rate by October 31, 2024. This move is designed to alleviate the financial pressures faced by property owners and promote a more balanced housing market.
These policies come as part of a broader effort to ensure sustainable growth in the property sector, which plays a significant role in the Chinese mainland's economy. By adjusting mortgage rates, the authorities aim to make homeownership more accessible and stimulate demand, ultimately contributing to market stability.
Experts believe that these measures could lead to increased consumer confidence and investment in the real estate market, fostering a healthier economic environment for both buyers and developers.
Reference(s):
cgtn.com
