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Chinese property developers benefit from new mortgage rules
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The reduced down-payment requirement for first-time homebuyers in China is credit positive for property developers, according to ratings agency Moody's.
"The lowered down-payment from 30 percent to 25 percent of the purchase price for first-time homebuyers will ease their access to the property market, thus boosting demand," said Kaven Tsang, a Moody's vice president.
The policy announced on Sept. 30 applies only to cities that do not otherwise restrict home purchases, thus excluding the four first-tier cities and Sanya in Hainan Province.
Demand for housing is stronger in second-tier cities than in lower-tier cities, and home prices in second-tier cities ticked up slightly over the past three months as a result. Prices in lower-tier cities continued to decline.
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