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No quick rebound with mortgage easing
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CHINA’S property market, suffering from an oversupply, is unlikely to rebound immediately despite the central bank’s recent mortgage easing, Standard & Poor’s Ratings Services said in a report yesterday.
On September 30, the People’s Bank of China revised the definition of first-time home buyers to include people who want to buy a second property and have no outstanding mortgages.
First-home buyers have to make a minimum 30 percent down payment and can enjoy a maximum 30 percent discount to the benchmark rate.
“We believe the property downturn will continue as buyers stay on the sidelines in anticipation of further price declines,” said Standard & Poor’s credit analyst Bei Fu.
“But longer term, the central bank’s latest move is a big step forward. It will allow more buyers to qualify for preferential mortgages and should help free pent-up demand,” he said.
The report also said the looser rules give banks more room to increase mortgages. But it’s unclear if the rules will be sufficient for lenders to increase their quotas for mortgages at a heavier discounted rate.
Fitch Ratings said in an earlier report that the PBOC’s move will help create demand from home upgraders in the slowdown.
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