China’s Shenzhen eases mortgage rules for first-home purchases



The Chinese tech hub of Shenzhen issued a notice on Wednesday saying it would let people take preferential loans for first-home purchases regardless of their credit record from Aug. 31, the second major city to ease mortgage rules.

The move came after Chinese authorities called on cities on Friday to broaden the definition of first-home mortgages to revive the troubled property market.

Guangzhou was the first major city to respond and ease mortgage curbs.
China’s property industry has been mired in a historic downturn in the past two years. Households have grown reluctant to purchase new homes, as the now-defunct Covid curbs, falling home prices and rising unemployment discouraged would-be buyers.Source: Reuters


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