Beijing Becomes Last Mega China City to Ease Housing Rules
- China’s capital city eased downpayment, mortgage requirements
- All four tier-1 cities have now followed through with easing
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China’s capital city of Beijing eased homebuying requirements for downpayment and mortgages, joining the country’s other mega cities to support the real estate sector.
Beijing reduced downpayment requirements by 10 percentage points to a minimum of 20% for first-time buyers, the city said in a statement Wednesday. For second homes, the minimum threshold was cut to 35% for urban areas and 30% elsewhere. It also lowered the floor on mortgage rates.