Beijing launches large-scale program to help developers 20:57

Chinese authorities will allocate tens of billions of dollars to support the residential real estate market, including the purchase of apartments for social housing and lowering mortgage requirements. writes about this “Kommersant”.

Some measures from a new program to help the sector were announced on Friday. The Central Bank is expected to allocate $42 billion to the program for public banks to purchase housing from developers for social needs. Considering that this is only one part of a multi-year plan, the total amount of direct and indirect government support could reach trillions of yuan; This will stop the decline in prices and support GDP growth.

Down payments on home mortgages have also been reduced from 20% to 15% nationwide. The threshold for a second mortgage loan dropped to 25 percent. The regulator reduced rates on long-term and short-term mortgage loans by 0.25 percentage points. – up to 2.35% and 2.85% respectively.

A number of restrictions on the real estate markets of major cities were lifted on Saturday. The newspaper explained that support for developers and related industries has not yet been announced.

The program is designed to prevent a sharp decline due to reduced housing market growth in China. The number of new projects here has declined in the first quarter in more than two years. On an annual basis in 2024, the decrease was 25%. In the peak years 2020-2023. The sector contributed more than 25% to China’s GDP growth.

Before that it was known in China. continues Take advantage of your energy advantage.

Russians before loss Interest in small sized apartments.

What are you thinking?



Source: Gazeta

Popular

More from author

Georgian party made a request to Putin 07:39

Members of the Georgian Solidarity for Peace party appealed to Russian President Vladimir Putin with the request to cancel the visa regime between the...

Russians call on Israeli officials to reach an immediate agreement with Hamas 07:26

Families of Russian hostages called on the Israeli government to make a hostage agreement with Hamas. This was reported by RIA News. It was...

The goals of the Armed Forces of Ukraine will not only be military: what threatens with the lifting of the ban on attacking Russia...

Previously, some countries, such as Germany and the United States, maintained the ban on the use of their weapons on Russian territory until the...