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Chinese Cities Lowered the Down Payment for Housing

Securities Times, a Shenzhen based financial and economic daily newspaper under People’s Daily reported that China has started to relax its policy on housing this year. For example, in Heze city, Shandong province, the down payment ratio for first-time home buyers has been reduced to 20 percent. Banks in Chongqing city and Jiangxi province have also reduced the down payment ratio to 20 percent for first-time buyers.

The report said that lowering the down payment is a strong policy incentive that stimulates market transactions.

After last year’s stringent housing market control, many places in China have adjusted their mortgage policies. More than 40 cities have announced measures to boost the sector, including lowering the down payment ratio, reducing the mortgage interest rate, and subsidizing home purchases.

Source: Central News Agency (Taiwan), February 21, 2022