Tuesday, March 31, 2015   

Central bank cuts downpayment rate in China to 40pc
(03-30 19:20)

China's central bank lowered the minimum downpayment levels on second homes nationwide, scrapping a key policy originally aimed at controlling housing prices.
The People's Bank of China, the central bank, said the minimum deposit for individuals buying additional housing would be set at 40 percent, according to a statement on its website.
The level was previously 60 to 70 percent, Xinhua said.
The PBoC said the move was aimed at “supporting residents' home ownership and improving housing demand.’’
The announcement rolls back a four-year-old policy first introduced to try to cool the then red-hot property market as rocketing prices put homes out of the reach of many, raising worries over social unrest.
“The cut [in down payments] will strongly support the property market... especially in first- and second-tier cities,'' Le Jiadong, a property analyst at Guangfa Securities, told AFP.
“Introducing this policy at this time fits the situation of the property market's development,'' he said, adding expectations had been for the government to cut the downpayment level to 50 percent.
   
Other Business breaking news:
Ex-Fed chair Bernanke becomes Brookings blogger (03-30 18:36)
Yuan loses ground in global transactions (03-30 17:33)
Billionaire Soros seeks rich pickings in Ukraine (03-30 17:11)
Wing On profits shrink, Tai Koo store to close (03-30 16:40)
Hang Seng bounces 1.5pc (03-30 16:10)
Nikkei up at close (03-30 16:02)
Positive start for Europe equities (03-30 16:01)
Shanghai, Shenzhen bull run continues (03-30 15:45)
Hang Seng, Shanghai rally (03-30 14:04)
Red flags raised over Tianhe, WHO puts Sihuan on the spot (03-30 14:01)

More breaking news >>

© 2015 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2015, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.