🇨🇳China makes a move to support the property market.

- Downpayment for first-time buyers now 15% from 20%

- Downpayment for second homes now 25% from 30%

- Local government should acquire commercial homes at reasonable prices to turn them into affordable housing

- Local authorities should buy back or retract land parcels that have been sold but remain idle, as a means to ease developers’ cash flow strains.

- Lowers loan rate of individual housing provident fund by 25bps (last cuts were in 2022 and 2015)

Meanwhile, property prices fell again for the 10th straight month.

Some of these measures should alleviate some of the concerns surrounding the property market but it remains to be seen whether it jumpstarts buying from consumers.

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