Beijing has slashed downpayment and mortgage rates for homebuyers, becoming the last of China’s mega cities to try and kickstart its ailing housing market.
Authorities in Beijing, home of nearly 22 million people, announced a reduction in the downpayment first-time homebuyers need to find from 30% to a minimum of 20%. Downpayment requirements for second home buyers were lowered to between 30% and 35% depending on location, from a previous rate of 40% to 50%.
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