More Chinese Cities Relax Mortgage Policy as Property Sales Fall
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More regional authorities in China are relaxing mortgage policies to boost demand after removals of home-purchase restrictions failed to stem a slide in the property market amid tight credit.
The eastern port city of Qingdao said yesterday that households selling their only home to buy a new one should be considered first-home buyers as long as they’ve paid off the mortgage, broadening the scope of borrowers eligible for lower down payments and interest rates. The city joins Shaoxing in Zhejiang and the southeastern province of Fujian that loosened the definition of the category of the buyers last month.