I made changes to clarify the text. Here is the revised version:
Chinese authorities have initiated significant measures to address the ongoing crisis in the country’s assets. Other measures include reducing the amount of deposit required for homebuyers and encouraging local authorities to buy unsold properties. These problems in China’s property market have had a significant impact on the world’s second-largest economy, as the sector has been a key driver of growth until recently.
The People's Bank of China (PBOC) announced a 300 billion yuan ($41.5 billion; £32.8 billion) bailout for affordable housing The financing is aimed at helping local government firms buy unsold homes, . according to Central Bank Deputy Governor Tao Ling. Vice Premier He Lifeng also ordered officials to ensure that local governments can buy houses at “reasonable prices” and sell them as affordable housing, the state-run Xinhua News Agency reported. However, the gentleman gave no details on how many properties could be purchased or when the project would be implemented.
The country’s central bank also effectively ended the minimum mortgage rate, reducing the minimum down payment on first homes from 20% to 15% and reducing minimum interest rate savings for second homes increased from 30% to 25%. Data released in early April showed new home prices fell for the 10th consecutive month, falling 0.6% month-on-month, the lowest level since November 2014.
Also on Friday, a Hong Kong court hearing on the possible eviction of Chinese developer Country Garden was adjourned until June 11
China’s property developers have been under intense financial pressure since 2021 as authorities implemented measures to freeze debt held by big real estate companies. Since then, many big agents have gone out of business. In January, a Hong Kong court ordered the liquidation of the property developer to whom he owes the most money in the world, Evergrande.
