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Kinling Lo

China’s property developers have ramped up efforts to boost sales during the National Day “golden week” holiday after Beijing launched a slew of stimulus policies to save the ailing real estate market.
More than 20 Chinese provinces and over 130 cities organised activities, including exhibitions and live-streams, to “promote sales and explain the latest housing policies”, according to the Ministry of Housing and Urban-Rural development, state broadcaster CCTV reported on Saturday.
“Sellers in multiple places are doing business as usual during the golden week and have been giving out special holiday discounts and subsidies,” the ministry said. These include transport subsidies and discounts for those who buy homes in their hometowns, it added.
The renewed efforts to boost sales come after Beijing announced a stimulus package on September 24, a week before the start of the week-long public holiday.
The holiday is seen as an important time for gauging China’s domestic demand, including retail and box office sales, tourism and catering.
The People’s Bank of China announced it would cut mortgage rates by half a point and lower the down payment required for second homes to 15 per cent, from 25 per cent. The policy is expected to help 150 million homeowners save 150 billion yuan (US$21.2 billion) annually, PBOC governor Pan Gongsheng said.
These and other measures were introduced to spur consumption and stimulate property sales as the slowing Chinese economy has been under pressure from a struggling property market, low consumer demand and heavy local government debts.


Local governments in major cities have started to loosen property sales restrictions since the national policy change.
On September 29, Guangzhou removed all restrictions for local and non-local residents to buy homes, while Shanghai and Shenzhen relaxed restrictions for non-local residents.
A day later, capital city Beijing followed suit. It cut the down payment ratio for first-time homebuyers from 20 per cent to 15 per cent, with buyers of second homes expected to make a minimum down payment of 20 per cent.
According to the housing ministry, there were 92.5 per cent more house viewings for new homes in Beijing from Tuesday to Thursday than in the same period last year, while the number of offers had doubled year on year.
The ministry added that from Tuesday to Friday, the number of people nationwide taking part in property sales-related activities was 50 per cent higher than last year.
In Shenzhen, new home sales between Tuesday and Thursday soared 569 per cent compared to the same period last year. Meanwhile, sales of existing properties soared 233 per cent year over year, according to data from the Shenzhen branch of property agency Centaline.
The National Bureau of Statistics is expected to release nationwide property price data for September and the third quarter later this month.
In August, prices of new homes across 70 major Chinese cities fell by 5.7 per cent, while second-hand home prices dropped 8.6 per cent, according to the statistics bureau.


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Chinese developers, cities and provinces woo homebuyers with holiday discounts and promotions after Beijing unveils stimulus policies


Chinese developers, cities and provinces woo homebuyers with holiday discounts and promotions after Beijing unveils stimulus policies.


China economy

Will China’s ailing property market get ‘golden week’ sales boost?

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Chinese developers, cities and provinces woo homebuyers with holiday discounts and promotions after Beijing unveils stimulus policies

Chinese developers, cities and provinces woo homebuyers with holiday discounts and promotions after Beijing unveils stimulus policies