{"id":64155,"date":"2024-05-17T21:19:04","date_gmt":"2024-05-17T12:19:04","guid":{"rendered":"https:\/\/www.theguardian.com\/world\/article\/2024\/may\/17\/china-to-cut-mortgage-rates-as-part-of-plan-to-prop-up-property-market"},"modified":"2024-05-17T21:19:04","modified_gmt":"2024-05-17T12:19:04","slug":"china-to-cut-mortgage-rates-as-part-of-plan-to-prop-up-property-market","status":"publish","type":"post","link":"https:\/\/eastasianews.net\/wp\/?p=64155","title":{"rendered":"China to cut mortgage rates as part of plan to prop up property market"},"content":{"rendered":"<p>Local authorities will be allowed to turn unsold homes from developers into affordable housing<\/p>\n<p>China will cut mortgage rates and allow local authorities to turn unsold homes from developers into affordable housing, in a series of drastic measures by Beijing aimed at propping up the country\u2019s faltering property market.<\/p>\n<p>The People\u2019s Bank of China said it would scrap the minimum rate of interest and reduce down-payment ratios to 15% for first-time buyers and 25% for second homes. It will also <a href=\"https:\/\/www.bbc.co.uk\/news\/articles\/c51nyglznm6o\">create a 300bn yuan (\u00a332.8bn) facility<\/a> to support local state-owned companies to buy homes at reasonable prices, it said in a series of statements on Friday.<\/p>\n<p> <a href=\"https:\/\/www.theguardian.com\/world\/article\/2024\/may\/17\/china-to-cut-mortgage-rates-as-part-of-plan-to-prop-up-property-market\">Continue reading&#8230;<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Local authorities will be allowed to turn unsold homes from developers into affordable housingChina will cut mortgage rates and allow local authorities to turn unsold homes from developers into affordable housing, in a series of drastic measures by Bei&#8230;<\/p>\n","protected":false},"author":4250,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"sns_share_botton_hide":"","vkExUnit_sns_title":"","_vk_print_noindex":"","sitemap_hide":"","_veu_custom_css":"","veu_display_promotion_alert":"","vkexunit_cta_each_option":"","footnotes":""},"categories":[41,6,50,1220,1219,42],"tags":[],"class_list":["post-64155","post","type-post","status-publish","format-standard","hentry","category-asia-pacific","category-business","category-china","category-property","category-real-estate","category-world-news"],"aioseo_notices":[],"veu_head_title_object":{"title":"","add_site_title":""},"_links":{"self":[{"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/posts\/64155","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/users\/4250"}],"replies":[{"embeddable":true,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=64155"}],"version-history":[{"count":1,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/posts\/64155\/revisions"}],"predecessor-version":[{"id":64156,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/posts\/64155\/revisions\/64156"}],"wp:attachment":[{"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=64155"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=64155"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=64155"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}