China's policymakers are likely to roll out more housing stimulus in the next 2 months as the swathe of support measures appears inadequate to stem the declines in home prices, TDS FX and Macro Strategist Alex Loo notes. More housing stimulus in the next 2 months “The housing downturn has weighed on consumer confidence and crimped real-estate investment, which is a headwind to GDP growth this year and next. Mortgage refinancing is a one-trick pony and will do little to revitalize demand.
Instead, supply-side policies may work better.” “We expect PBoC to raise the quota of its affordable home relending facility to CNY1tn and to provide 100% of the loan amount next month. We also anticipate that local government will be permitted to use their special local bond proceeds to purchase unsold homes, as soon as this month.
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