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High-rise buildings in Guangzhou, China, February 17, 2023./CFP
China's capital Beijing and financial hub Shanghai announced the implementation of relaxed rules for first-home mortgages on Friday.
Chinese authorities, in recent months, have consistently advocated its support for the real estate industry with various measures.
The Ministry of Housing and Urban-Rural Development announced last week its endorsement of the adjustment to mortgage lending policies and measures. The adjustment would consider households which do not own property in the specified locality as first-home buyers eligible for favorable mortgage conditions. In accordance with the existing policy framework, the decision will be finalized by city-level governments based on local area circumstances.
Guangzhou, the capital of south China's Guangdong Province, and Chinese tech hub Shenzhen took the lead in easing mortgage curbs on Wednesday.
Since then, other cities in Guangdong Province, Jiangsu Province, Hubei Province and Fujian Province have also announced that they will follow suit.
"The easing of first-home mortgage rules coupled with the adjustment of first-home mortgage rates and down payment ratios recently announced, can serve to improve market confidence and stabilize expectations of the real estate sector," Bruce Pang, chief economist and head of research at JLL Greater China, told CGTN.
These events have affirmed the signal that China is committed to reviving its property sector.
Read more: China's real estate market welcomes positive signal
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Copyright © 2023 CGTN. 京ICP备16065310号
Disinformation report hotline: 010-85061466