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China Implements Mortgage Rate Reductions to Support Property Market

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China announces drastic measures to bolster its struggling property market, including mortgage rate cuts and converting unsold developer homes into affordable housing. The People’s Bank of China will eliminate minimum interest rates, reduce down-payment requirements, and allocate 300 billion yuan to aid state-owned companies in purchasing homes at reasonable prices. These actions follow alarming data revealing the sharpest monthly house price decline in a decade. Despite efforts to stabilize the market after Evergrande’s default, challenges persist, with some analysts doubting the effectiveness of rate reductions in stimulating demand. The property sector, once a major economic driver, faces significant hurdles, impacting millions and sparking protests.

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