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China has announced its most significant package of measures yet med at stabilizing its faltering property sector, reducing mortgage rates by an average of 0.5 percentage points on debts totaling approximately $530 billion, and easing down-payment requirements for second-home buyers to a historic low.
In his announcement yesterday, Governor Pan Gongsheng of the People's Bank of China PBOC outlined that the reduction in outstanding mortgage rates would benefit individual borrowers across the country. The minimum down-payment ratio on second-home purchases was also lowered to 15 from the previous rate of 25.
This latest move underscores Beijing's determination to mitigate the impact of a housing-driven economic slowdown as the country faces potential protectionism and a weak global outlook.
The announcement comes as economists at major banks such as UBS Group, JPMorgan Chase Co., and Bank of America predict that China might not achieve its targeted annual growth rate for this year.
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