6. Property restrictions and mortgage conditions eased
The People's Bank of China eased property buying restrictions nationwide on Sept 30 for the first time in four years, amid a sharp downturn in real estate sales and investments.
Second-time home buyers can now make lower down payments and be given mortgage rates that were earlier only available to first-time home buyers, so long as they have paid off their first mortgage, the PBOC said. Third-home buyers were also offered easier mortgage conditions. The loosening mortgage policies spurred a property market recovery starting from the fourth quarter. Sales growth is now expected to turn positive from the second half of 2015, State lender Bank of China Ltd has predicted.
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