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