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bleak house prices China October edition

  • Author:tracy
  • Source:http://www.tigloncn.com
  • Release on :2014-11-22
  China's property prices index for October showed that new home prices fell month to month in 69 of 70 cities and the average was down 2.6 per cent from a year ago. Much has been made of semi-inhabited, grandiose development projects that have seen many mid-sized Chinese cities suffer from a glut of apartments, putting pressure on prices.
  China central bank has also implemented several measures to boost mortgage lending by lenders, chief among them a new policy allowing buyers who already own one home but have paid off their mortgage to be considered as first-time buyers, thus qualifying for a mortgage downpayment of 30 per cent of the cost of the loan. Previously, they would have been considered as second home buyers and had to pay a downpayment of at least 60 per cent. Other measures included the availability of mortgage finance to buyers who already fully-owned at least two homes.



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