China - October 15, 2024

Support policies lift up China's housing market

(Voice_over)

In the roughly one week since Chinese authorities announced measures to reinvigorate the country’s housing market, real estate agencies say they are seeing a steady and healthy increase in inquiries and transactions.

On October 1st, policy adjustments went into effect in Beijing, Shanghai, Shenzhen and Guangzhou that include relaxed eligibility checks for potential home buyers and lower mortgage rates.

According to the Ministry of Housing and Urban-Rural Development, onsite inquiries for pre-owned homes in Beijing rose by more than 100 percent compared to the same period last year.

(Sound_bite)

Liu Qiujing, housing agent, Lianjia Real Estate Brokerage:

"Following the introduction of the new regulations, buyers have shown a stronger willingness to purchase properties, acquiring them more swiftly. Clients with rigid demand for residential housing are swiftly entering the market. From the perspective of homebuyers, their confidence has significantly increased."

(Voice_over)

Stock market shares of the country’s property developers rose sharply on the news of the stimulus, with investors generally optimistic.

Chinese authorities hope this latest round of incentives, the largest since the pandemic, will help achieve its five percent economic growth forecast for this year.

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