China's property stocks fall on new mortgage rules
Businesstimes News·Chinese Developers Open Higher Then Pare Gains as Mortgage Loan Terms in China Extended
AASTOCKS News·- Chinese property developers broadly advanced initially before paring gains following a regulatory update on real estate credit management. - The People's Bank of China and the National Financial Regulatory Administration jointly issued opinions on Aug 28 to reform real estate credit. - The new policy stipulates that the maximum term for personal housing loans shall not exceed 40 years.China Moves to Ease Property Financing in Hopes of Boosting Sector — Update
MorningStar·- Chinese regulators unveiled a broad package of measures to ease property financing to combat the housing downturn weighing on economic growth. - The new rules allow homeowners to refinance existing mortgages, extend maximum new home mortgage terms to 40 years, and encourage commercial banks to offer property mortgages up to 15 years. - Beijing also eased capital-market financing and extended long-term bank loans for property developers while tightening oversight on urban renewal project loans.Shanghai Optimizes Personal Housing Credit Policies, Introdues Phased Home Purchase Subsidy Policies
AASTOCKS News·- Several departments in Shanghai jointly issued a notice on optimizing real estate policy measures, which will take effect on August 21. - The policy reduces the minimum down payment for second-home commercial loans outside the outer ring road to 15%, and introduces trade-in housing loan subsidies along with cash subsidies totaling up to 80000 RMB. - Furthermore, the city expands the scope of housing provident fund withdrawals for down payments to include newly completed commercial housing and relaxes withdrawal limits and frequencies.