Beijing – China’s home purchases surged during the National Day holiday after a series of stimulus measures to boost the housing market began in late September, state media said on Saturday.
In the world’s second-largest economy, policies including cuts in mortgage rates and mortgage taxes were introduced this year to support the real estate sector, which accounted for a quarter of economic activity.
During the week-long holiday period that began on Tuesday, the number of home visits, which indicate willingness to buy a home, increased sharply while home sales in many areas rose “to varying degrees”, state broadcaster CCTV reported.
More than 50 cities have launched policies to improve the housing market, while nearly 2,000 developments from more than 1,000 real estate companies have participated in the promotion, said CCTV, citing the Ministry of Housing and Rural Development.
The number of visits to many projects participating in the promotion has increased by more than 50 percent year-on-year, it added.
Last month, the city of Guangzhou in the southern province of Guangdong announced the end of all restrictions on home purchases, while Shanghai and Shenzhen said they would ease restrictions on home purchases by non-local buyers and reduce the minimum down payment for first-time home buyers. less than 15%.
Those moves came days after China unveiled its biggest stimulus since the outbreak of the COVID-19 pandemic in an effort to pull the economy out of a deflationary funk.
(Reporting by Amy Lv and Anne Marie Roantree; Editing by William Mallard)
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