Beijing, China’s capital, has finally joined other major Chinese cities in relaxing home buying restrictions to bolster the property market. The Beijing Municipal Commission of Housing and Urban Development said on Wednesday that it was lowering the down payment ratio for first-time homebuyers to 20 per cent from at least 30 per cent previously. For
Troubled property developer China Vanke will receive a 7.8 billion yuan (US$1.1 billion) lifeline in the form of bank loans guaranteed by its subsidiaries, a day after the company had its credit rating cut. Shenzhen Yili Real Estate Development provided a guarantee for a 4.49 billion yuan loan, while Shenzhen Zhongke Wanxin Industrial offered a
By Jamie McGeever (Reuters) – A look at the day ahead in Asian markets. Broadly speaking, the global backdrop for Asian markets is still bright, with investors confident that the Fed will soon cut U.S. interest rates keeping the dollar, bond yields and volatility in check, and boosting risk assets. But there’s a cloud that
Beijing: After prolonged dithering, China has finally announced steps to address the near collapse of its mammoth property sector by allocating billions of dollars to buy back unsold homes and repurchase idle lands to resurrect its bankrupt real estate sector, which once constituted the mainstay of its economic growth. The People’s Bank of China has
STORY: China is taking bold new action in a bid to revive its ailing property sector. Beijing said Friday (May 17) that local governments would buy up some unsold apartments. Officials also promised forceful efforts to deliver unfinished homes. The move comes after years of turmoil in the sector. It all began in 2021, when