China’s Top Cities Ease Housing Rules as Beijing Extends Aid
- Shanghai, Shenzhen reduce requirements for downpayments
- Other top-tier cities are likely to follow suit, analysts say
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China’s biggest cities including Shanghai, Shenzhen and Guangzhou eased requirements for home downpayments and mortgages, following through on the central government’s aid for the embattled property sector.
Shanghai and Shenzhen reduced downpayment requirements by 10 percentage points to a minimum of 20% for first-time buyers and 30% for second-home purchasers, according to two separate statements on Monday and Tuesday. The floor for mortgage rates was also lowered.