China unveils biggest package yet to boost property market

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The story "China unveils biggest package yet to boost property market" was covered 5 days ago by Times of India, a news publisher based in India.

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Times of India 5d ago

China unveils biggest package yet to boost property market - Times of India

Quick Summary:

China has rolled out its largest package to date aimed at bolstering the property market, reducing borrowing costs on $5.3 trillion in mortgages and lowering down-payment requirements for second homes.

The People's Bank of China will cut mortgage rates by an average of 0.5 percentage points and decrease the minimum down-payment ratio to 15%.

The index has slid 33% from this year’s high in mid-May.“This package is China’s biggest and widest supporting measures on home loans yet, as it covers both new home-buying and outstanding purchases,” said Yan Yuejin, vice president of Shanghai E-house’s research arm.