China just unveiled the strongest remedies yet for its troubled housing market [Business Insider]
COUNTRY GARDEN HL UNS/ADR (CTRYY)
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Source: Business Insider
It's set to remove the floor on mortgage rates, offer cheaper housing loans, and lower down payments. Overbuilding has led to supply far outpacing demand, leaving developers short of cash and deep in debt. Chinese authorities just announced their biggest effort yet to shore up the troubled housing market. In a slew of statements on Friday, the People's Bank of China said it would remove the nationwide floor on mortgage rates for first-time and second-time homebuyers, lower interest rates on housing loans, and reduce minimum down payments in a bid to boost demand. The central bank also said it would also set up a 300 billion yuan, or $42 billion, relending program for public housing, which is expected to fuel an extra 500 billion yuan of bank lending, Bloomberg reported , citing official comments at a briefing. The state-run news agency Xinhua reported that China's government was also pushing local officials to purchase empty homes from developers and turn them into affordab
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