Chinese home sales rose during the Independence Day celebrations. The increase is due to the adoption of stimulus measures aimed at revitalising the country’s struggling property market since the end of September.
Earlier, China passed measures to lower down payment ratios and mortgage rates to support the property sector, which previously accounted for a quarter of economic activity, state media reported on Saturday, 5 October.
The measures came days after China announced its biggest stimulus since the COVID-19 pandemic in an attempt to pull the economy out of a deflationary crisis. So, the number of visits to most of the projects participating in the promotions increased by more than 50 per cent year-on-year, the statement said.
Apart from, the number of home visits, which reflects the willingness to buy a home, rose significantly during this week, while home sales in many places rose to varying degrees. More than 50 cities adopted measures to stimulate the property market, and around 2,000 projects from more than 1,000 property companies took part in promotional activities.
The city of Guangzhou in the southern province of Guangdong announced last month plans to lift all restrictions on home purchases, while Shanghai and Shenzhen said they would ease restrictions on home purchases by non-resident buyers and lower the minimum down payment for first-time homebuyers to at least 15 per cent.
