Beijing has decided to tackle the problem head on. The Chinese government is considering the repurchase of unsold or undelivered housing in order to revive the crisis-hit real estate sector, Chinese Vice-Premier He Lifeng said on Friday, May 17, according to the state agency Xinhua News Agency. .
“In cities where there is a large number of housing units, authorities can place orders and purchase some of these units at reasonable prices to use them as affordable housing,” he said in a meeting with senior officials.
Reduce minimum intake
Furthermore, China will reduce the minimum contribution necessary to 15% for a first real estate purchase, in order to revive a key sector of its economy currently in crisis, the Chinese Central Bank and the regulator announced on Friday, according to a media outlet. ‘State.
“The minimum contribution rates for mortgage loans to individuals will be lowered to a minimum of 15% for the purchase of a first home and to 25% for the purchase of a second,” reported the state agency China News, citing the Central Bank and the National Financial Regulatory Administration.