China Expands Property Support to 4 Trillion Yuan as Developers' Stocks Surge

Oct 17, 2024, 02:43 AM

China has unveiled a series of measures aimed at stabilizing its property market, including expanding financing for housing projects to 4 trillion yuan ($562 billion). The Ministry of Housing and Urban-Rural Development, along with other key government agencies, announced plans to support "white list" real estate projects to boost market stability. Housing Minister Ni Hong stated that the property market "bottoming out has begun" after a three-year decline. More than 50 Chinese cities have introduced property policy easing after the central government emphasized stabilizing the housing market in late September. Shanghai lowered the minimum down payment for second home purchases to 25%, effective October 18. Major Chinese property developers have seen sharp rallies in stock prices, with Ronshine China surging over 100%, Sunac China rising over 30%, and China Vanke up 14%, reflecting improved market sentiment driven by continued policy easing and a rebound in home sales. In Shanghai, 1,334 second-hand homes were traded on Sunday, the highest daily record in more than a year.