Stimulus Drives Tier-one City House Sale Jump

House transaction volume in tier-one cities rebounded after Chinese authorities eased restrictions, according to the China Business Network Tuesday. More than 2,800 second-hand houses were sold in Beijing last weekend, twice the average weekend transaction volume in August, analysts said. They predicted the property market would further recover in Q4 and cities would continue to reduce tax, house-buying fees and relax relevant restrictions on mortgages. But local governments still need to set proper down-payment ratios and mortgage interest rates accordingly to prevent rapid price rises in hot cities, the report said.