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Official data released Friday showed that home prices in April recorded the steepest month-on-month drops in a decade. Photo: VCG
(Bloomberg) — China removed the floor on mortgage rates and lowered the minimum down payment ratios for individual homebuyers in its most drastic move to shore up the beleaguered property market.
The People’s Bank of China lowered minimum down-payment ratio for first-time buyers to 15% and cut it to 25% for second homes, according to a statement on Friday.
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