Gala 2024
Member Exclusive
China Takes Steps to Address Property Crisis Ahead of Third Plenum
Key Takeaways
- Last week, the central government introduced nationwide measures to support the beleaguered property sector, including removing the mortgage rate floor, reducing down payment ratios, and creating a RMB 300 billion relending facility for local buyback schemes.
- Despite city- and municipal-level policy adjustments, housing demand remains at an all-time low, with fresh data revealing that home sales in April dropped at their fastest rate in a decade.
- More supportive policies are likely to be announced at the Third Plenum in July.
