China's once-sizzling property market has started to cool

Last month, Chinese banks cut mortgage costs by the largest amount since a new interest rate system was put in place in 2019.

Huainan, a city in Anhui province, ordered banks to extend more money and shorten loan approval times, as well as lower the mortgage rates and down-payment requirements for first-time buyers. The new rules, which required companies to pay down debt before borrowing more money, started to expose cracks in the property market.

But more than a year after she moved in, the school building and mall remain empty. Residents said Vanke told them there was not enough interest from businesses to fill the mall, and an application for the school was tied up in government bureaucracy.The local district challenged this version of events. It told residents that Vanke hadn't paid the rent for the land in recent years because of a financial dispute with the village, which owned the land.

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