China’s home sales experienced a significant uptick during the National Day holiday, thanks to a series of property stimulus measures introduced since late September. State media reported that these measures have greatly boosted the country’s struggling real estate market.
According to state broadcaster CCTV, the number of house visits, which indicates a willingness to buy, increased substantially during the week-long holiday. “Sales of homes in many places rose to varying degrees,” CCTV noted.
The Ministry of Housing and Urban-Rural Development highlighted that more than 50 cities implemented policies to stimulate the real estate market. Nearly 2,000 developments from over 1,000 property companies participated in various promotions. “The number of visits to most of the projects participating in the promotions increased by more than 50% year-on-year,” the ministry stated.
To further support the property sector, cities like Guangzhou, Shanghai, and Shenzhen have eased restrictions on home purchases. Guangzhou lifted all restrictions, while Shanghai and Shenzhen lowered the minimum down-payment ratio for first-time buyers to 15%, reports Reuters. These measures came shortly after China unveiled its largest stimulus package since the COVID-19 pandemic to combat economic deflation.
“The recent policy changes have significantly improved market sentiment,” said a Ministry of Housing and Urban-Rural Development spokesperson. “We are optimistic that these measures will continue to support the real estate sector and contribute to overall economic stability.”
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