The central bank said if newly-built home prices drop for three consecutive months in a year, local authorities can choose to maintain, lower or even eliminate minimum interest rates on loans for a first home. Photo: Bloomberg
The central bank said if newly-built home prices drop for three consecutive months in a year, local authorities can choose to maintain, lower or even eliminate minimum interest rates on loans for a first home. Photo: Bloomberg

China pledges lower mortgage rates, ‘strong support’ for first-time homebuyers in bid to rescue ailing property market

  • Move signals Beijing’s intention to keep relaxing its grip on the property sector and stimulating demand in 2023, analysts said
  • Chinese buyers bought 10.8 trillion yuan (US$1.58 trillion) worth of new homes as of October, 25 per cent short of the same period in 2021