Bei­jing’s sec­ond-home sales hit 25-month high

China Daily (Canada) - - FRONT PAGE -

Sales of sec­ond homes in Bei­jing reached 17,191 in April, the most in nearly 25 months, ac­cord­ing to data from prop­erty agent Cen­taline.

Zhang Dawei, chief an­a­lyst with Cen­taline, at­trib­uted the rise to eas­ing poli­cies on buy­ing and sell­ing the sec­ond homes. In late March, China’s cen­tral bank cut the min­i­mum down pay­ment re­quire­ment for sec­ond-home buy­ers to 40 per­cent.

Min­i­mum down pay­ments for first and sec­ond- home pur­chases us­ing the hous­ing prov­i­dent fund, which of­fers ur­ban res­i­dents lower rates than those of com­mer­cial banks, were also low­ered.

China’s prop­erty mar­ket took a down­turn in 2014 due to weak de­mand and an ex­cess of un­sold homes. The cool­ing has con­tin­ued into 2015, with both sales and prices fall­ing and­in­vest­ment slow­ing. Since Novem­ber 2014, the cen­tral bank has cut in­ter­est rates twice. Banks’ re­serve re­quire­ment ra­tio was also cut twice. (Photo 2)

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