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MNI: China Home Buyers Wary Despite Rate Cuts – Analysts

MNI (Singapore)

Policymakers face a dilemma as lower mortgage rates and relaxed home ownership restrictions have failed to revive demand, threatening a prolonged downturn.

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China’s embattled property market faces a policy dilemma as buyers shrug off lower mortgage rates and relaxed home purchase limits amid a slide in confidence triggered by mortgage boycotts and financially distressed developers, potentially delaying a rebound analysts warn.

Stimulus efforts have failed to gain traction as sales slowed sharply during what is usually the peak buying season. New home sales fell 27.3% m/m in the first week of September and 24.3% m/m the following week, according to Guangdong Urban & Rural Planning and Design Institute chief researcher Li Yujia. This translates to y/y falls of 38.5% and 59.8%.

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China’s embattled property market faces a policy dilemma as buyers shrug off lower mortgage rates and relaxed home purchase limits amid a slide in confidence triggered by mortgage boycotts and financially distressed developers, potentially delaying a rebound analysts warn.

Stimulus efforts have failed to gain traction as sales slowed sharply during what is usually the peak buying season. New home sales fell 27.3% m/m in the first week of September and 24.3% m/m the following week, according to Guangdong Urban & Rural Planning and Design Institute chief researcher Li Yujia. This translates to y/y falls of 38.5% and 59.8%.

Keep reading...Show less