Second home buyers in China enjoy lowered down payments

Global Business

New policies may have generated some home buyer enthusiasm over the weekend as Chinese housing market picked up a bit during the Qingming holiday.

CCTV’s Laura Lou filed his report.

Second home buyers in China enjoy lowered down payments

Second home buyers in China enjoy lowered down payments

New policies may have generated some home buyer enthusiasm over the weekend as Chinese housing market picked up a bit during the Qingming holiday. CCTV's Laura Lou filed his report.

Highlights:

  • The government lowered the down payment requirement to purchase a second property to 40 percent of the total price from 70 percent.
  • Experts expect that second home buyers will increase in Beijing. The first home buyer and second home buyer ratio in the capital city currently sits at 7 to 3. However, mortgage rates have not been affected by the policy change.
  • However, people with good credit records who are from state-owned companies or the Top 500 global companies are likely to get cheaper loan rates.