foreign media: china takes multiple measures to stabilize real estate market
2024-10-01
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reference news network reported on october 1according to a report on the us "wall street journal" website on september 29, china announced on september 29 that it will allow the replacement of personal housing loans. this is the latest in a series of policies introduced in the past week to boost the economy.
the move would signal a change in the way chinese people repay their mortgages and would allow policies aimed at addressing the real estate downturn to penetrate the market more effectively.
the people's bank of china stated that starting from november 1, when the interest rates of floating-rate commercial personal housing loans deviate from those of newly issued commercial personal housing loans across the country to a certain extent, borrowers can negotiate with banking financial institutions, and the banking financial institutions will issue new loans. issue floating-rate commercial personal housing loans to replace existing loans.
in addition, starting from november 1, commercial personal housing loan borrowers can negotiate with banking financial institutions to agree on a repricing cycle if the contract stipulates a floating interest rate.
in answering a reporter's question, the central bank stated that one of the backgrounds of the announcement is that the current mortgage interest rate pricing mechanism has exposed some shortcomings, and the people have reacted strongly, and there is an urgent need for adjustment and optimization.
banks reacted quickly after the news was announced. many banks said they are working hard to formulate interest rate adjustment plans for existing mortgage loans.
the german handelsblatt website published an article on september 29 stating that china intends to further help the troubled real estate industry get back on its feet. according to news released by the central bank, in principle, all commercial banks should carry out batch adjustments to eligible existing housing loans before october 31. this is in line with the general expectations of financial markets.
according to the announcement and initiative released on september 29, the existing mortgage interest rates with a point increase higher than -30 basis points will be uniformly adjusted to no less than -30 basis points, making the interest rate level close to the national new mortgage interest rate.
china's leadership has implemented a series of economic stimulus measures. previous reductions in mortgage interest rates were mainly targeted at new home buyers. the loan interest rates for those who bought their homes earlier are still relatively high, which makes many people plan to repay their loans early.
in addition, the wall street journal of the united states and lianhe zaobao of singapore also noted that as china’s leaders began to address the downturn in the real estate industry, shanghai, guangzhou, and shenzhen all announced on september 29 that they would further relax housing purchase restrictions.
guangzhou, the southern manufacturing center, said on september 29 that it will no longer review home purchase qualifications and will no longer limit the number of homes purchased. meanwhile, two other first-tier cities - shanghai and shenzhen - have also moved to ease home-buying restrictions.
according to a notice issued by relevant departments in shenzhen, the minimum down payment ratio for commercial personal housing loans for first homes has been adjusted to 15%, and the minimum down payment ratio for commercial personal housing loans for second homes has been adjusted to 20%. in addition, shenzhen will also remove restrictions on the transfer of commercial housing and business apartments.
on the same day, shanghai announced seven new policies for the property market, including shortening the number of years for non-local registered residents to pay social security or personal tax when purchasing housing outside the outer ring road, and lowering the minimum down payment ratio for commercial personal housing loans for first homes.
