China's troubled housing market will continue to see softness as a slew of government stimulus and support measures have not been"satisfactory" in propping up the sector, according to a JPMorgan economist.
"Some people think it will free up consumption — that's only one side of the story," according to Winnie Wu, chief China equity strategist at BofA Securities. Lower mortgage rates would cause banks to cut deposit rates to protect their margins and ensure stability in the financial system, she said, noting that reduced deposit rates would eventually cut into interest income on household savings.
The mortgage refinancing measure would also do little to boost new home demand, according to JPMorgan's Zhu.
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