China's property crash is prompting banks to offer mortgages to 70-year-olds | CNN Business

. Some banks in the cities of Nanning, Hangzhou, Ningbo and Beijing have extended the upper age limit on mortgages to between 80 and 95, according to a number of state media reports. That means people aged 70 can now take out loans with maturities of between 10 and 25 years. China’s property market is in the midst of a historic downturn. New home prices had fallen for 16 straight months through December. Sales by the country’s top 100 developers last year were only 60% of 2021 levels.

” Yan from E-House said the main beneficiary of the move might not be the elderly, but middle-aged borrowers between 40 and 59. Under the extended payment cutoff age, those people could get a mortgage for 30 years — the maximum length allowed in China. Compared with previous terms, it means those borrowers could pay less each month. “It is obviously a way to alleviate the debt payment burden,” said Hong.

i would not play games the companies and goverments pay those people they sue want all thier money back

Half of China's housing prices are land prices, the government is selling land and pushing up land prices, people can't afford it

Sounds like an equity problem.

Innovation. Meanwhile,in the US, the whole system is teteering on the verge of collapse and leaders r not talking abt it. Classic case of misdirection.

it's a hard decision for china, but how does it influence our property market?

We are next.

Yeah,they are doing fine, some more lessons from the bankrupt Russia and they will really hit it!

You have a credit card debt looming in the USA, and that is not even secured. At least China has a solution, US?

😂😂

But if you live in a balloon you have to pay quicker.

That’s a great scam. Coming to the US soon, I’m sure.

CCP squid game 😩🤣

Really...

That is actually brilliant.

That's what happens when you get too big too soon.

Thou Shall zNot Kill by Willie J The Philosopher

Hahaha Xi's economic plans are really working.........and his friendship with Putin pays of........

Why the age matters as long as people can pay?

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