SHANGHAI - Home sales in two of China’s biggest cities soared in the past two days followingan early sign that government efforts to cushion a record housing slowdown is helping.
“We were surprised by the strong pick-up in Beijing and Shanghai, despite the challenging economy,” said Mr Raymond Cheng, head of China property at CIMB. Beijing and Shanghai also will no longer disqualify people who have previously had a mortgage – even if fully repaid – from being considered a first-time home buyer, as long as they do not own a property, according to separate statements from the city governments.New-home projects also drew interest.
Some new housing projects in Shanghai recorded the same number of transactions in just one day as they had during the previous month, according to a separate report in The Paper.
Source: Loan Digest (loandigest.net)
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