China Extends Homebuying Easing to Beijing and Shanghai
- Mega cities cutting down-payment ratio for first, second homes
- China is taking more steps to stabilize the real estate market
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Chinese authorities relaxed homebuying curbs in Beijing and Shanghai, extending efforts seen in major cities to stem an unprecedented housing downturn.
The nation’s capital cut the down-payment ratio for second homes to 40% or 50%, depending on the locations of the properties, the Beijing Municipal Commission of Housing and Urban-Renewal Development said Thursday on its website. That compares with a previous threshold of 60% or 80%, depending on the size and value of residences.