The Chinese mainland is taking significant strides to stabilize and invigorate its real estate market. In recent days, major cities including Shanghai, Shenzhen, Guangzhou, and the capital Beijing have introduced a series of policies aimed at both stabilizing the market and stimulating growth.
On September 30th, a joint circular from six Beijing municipal departments was announced, detailing measures such as lowering the minimum down payment ratio for individual commercial mortgages and easing property purchasing restrictions. These adjustments are expected to signal a positive shift, potentially leading to a rebound in the real estate sector and the emergence of a \"silver October\" market scenario.
Further reinforcing these efforts, the People’s Bank of China (PBC) launched a comprehensive set of measures on September 24th to bolster public confidence in the housing market. These measures include guiding commercial banks to reduce existing mortgage rates and optimizing relending policies, making homeownership more accessible for many.
Building on these initiatives, the Political Bureau of the Communist Party of China (CPC) Central Committee convened on September 26th to discuss additional economic strategies. The meeting emphasized the importance of stabilizing the property market and reversing its downturn. Key areas of focus include enhancing land, fiscal, tax, and financial policies, as well as promoting the establishment of a new model for real estate development.
These coordinated efforts underscore the Chinese mainland's commitment to fostering a resilient and dynamic real estate market, which is crucial for the nation’s overall economic health.
Reference(s):
Reviving stability: Key policies for China's real estate market
cgtn.com
