PBoC moves to spur property demand
A cut in down-payments for second-home purchases will 'improve housing demand' central bank says
The People's Bank of China (PBoC) has lowered the amount of money second-home buyers must pay up-front as part of a push to reinvigorate China's property market and stimulate the country's cooling economy.
The central bank said yesterday it would slash down-payments on second-home purchases from 70% to 40% in order to "improve housing demand" and promote "stable and healthy development" of China's real estate market.
The change, which takes effect today, will make it easier to buy property on
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