Central Banks
China Eases Home Purchase Rules in New Push to Boost Economy
- Beijing proposes that local governments scrap a mortgage rule
- More people to be recognized as first-time buyers as a result
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China unveiled a further easing of its mortgage policies to halt a slump in its residential property market and revive growth in the world’s second-largest economy.
The country is proposing that local governments can scrap a rule that disqualifies people who’ve ever had a mortgage - even if fully repaid - from being considered a first-time homebuyer in major cities, official Xinhua news agency reported on Friday, citing the Ministry of Housing and Urban-Rural Development, the People’s Bank of China and the National Administration of Financial Regulation.