Chinese real estate developers are stepping up efforts to boost sales during the National Day “Golden Week” holiday, as the Chinese government rolls out a series of economic stimulus measures to rescue the sluggish real estate market. .
State broadcaster CCTV reported on Saturday that more than 20 provinces and 130 cities in China are holding exhibitions to “promote sales and explain the latest housing policies,” according to the Ministry of Housing and Urban-Rural Development. It is said that they organized activities such as and live streaming.
“Sellers in several locations will continue to operate as usual during Golden Week, providing special holiday discounts and subsidies,” the ministry said. These include transport subsidies and discounts for people buying homes in their hometowns, it added.
The new efforts to boost sales come after the Chinese government announced economic stimulus measures on September 24, one week before the start of a week-long public holiday.
The holiday is seen as a key time to measure China’s domestic demand, including retail and box office revenues, tourism and dining.
The People’s Bank of China has announced that it will lower mortgage interest rates by 0.5 points and reduce the down payment required for second homes from 25% to 15%. People’s Bank of China Governor Pan Gongsheng said the policy is expected to save 150 million homeowners 150 billion yuan (US$21.2 billion) a year.
These and other measures were introduced to stimulate consumption and boost real estate sales, as China’s sluggish economy is weighed down by a weak real estate market, weak consumer demand and high local government debt. Ta.
