China announced a slate of fresh measures Friday to reinvigorate its ailing property industry after the latest data showed housing prices have slumped nearly 10 per cent since the start of the year.
Dozens of developers, whose legions of high-rise apartments have transformed urban landscapes across China, have defaulted on their debts. Many projects have just stalled, unfinished. The effort to entice more families to buy homes has gained momentum after earlier moves such as interest rate cuts and government-backed financing failed to lure buyers into the market at a time when developers are struggling to deliver housing already promised and paid for.
Minimum down payments for loans for first homes will be 15 per cent of the purchasing price. For second homes, it will be 25 per cent, it said. Officials should focus on ensuring home buyers get what they paid for, and when that is impossible the courts may need to get involved, said Dong Jianguo, vice minister of Housing and Urban-Rural Development.
“The complexity, severity, and uncertainty of the current external environment are significantly increasing. There is insufficient effective domestic demand, high business pressure, and many risks and hidden dangers,” said Liu Aihua, a spokesperson for the bureau.One of the key strategies being rolled out involves local governments buying apartments that have going unsold due to weak demand, to be rented out as affordable housing in trial programs that appear to have become national policy.
Source: Loan Digest (loandigest.net)
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