Beijing’s 5% growth target is at risk, while the real estate slump has increased dangers to the nation’s financial system. Sales by the country’s largest developers fell 34% in August from a year earlier, and Country Garden Holdings Co. — once the nation’s largest by sales — is on the brink of default.
Mortgage easing: Banks no longer disqualify those who have a mortgage record — even if they’ve fully repaid — as a first time buyer, as long as they don’t own a property. Big cities including Guangzhou and Shenzhen followed through on the policy on Aug 30. Downpayment reductions: Beijing cut the floor of the downpayment ratio across the country to 20% for first-time home buyers and 30% for second purchases on Aug 31.
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