BEIJING (TDI): China’s home sales increased during the National Day holiday, driven by a series of property stimulus measures aimed at revitalizing the struggling real estate market.
Since late September, the government has implemented various policies to boost country’s real estate market.
The policies include reduced down-payment ratios and lower mortgage rates, to support the property sector, which has historically represented about 25% of the nation’s economic activity.
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During the week-long holiday that began on Tuesday last, interest in home buying surged, with significant increases in the number of property visits and sales across many regions.
Over 50 cities introduced measures to boost the market, and nearly 2,000 developments from more than 1,000 property companies participated in promotional efforts.
The report noted that visits to these promotional projects rose by more than 50% year-on-year.
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Key cities like Guangzhou have lifted all restrictions on home purchases, while Shanghai and Shenzhen have eased regulations for non-local buyers and reduced the minimum down-payment for first-time homebuyers to 15%.
These developments follow China’s announcement of its largest stimulus package since the COVID-19 pandemic, aimed at pulling the economy out of a deflationary slump.
