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China Cities Cut Mortgage Down Payment to Boost Sales: Journal

CHINA PRESS
MNI (Singapore)

More cities in China, especially smaller cities facing prolonged weak real estate markets, may lower the required down payment on home mortgages, with the latest move introduced in Heze city in Shandong province, the China Securities Journal reported citing analyst Chen Wenjing with China Index Academy. Heze, home to about 9 million, cut down payment requirement to 20% from 30% for first-time homebuyers, a clear easing signal by the authorities, the newspaper said citing Yan Yuejing, the director of E-house China Research and Development Institution. New home sales in Hezhe fell about 42% y/y in January, the newspaper added.

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