Chinese officials have announced their most significant moves yet to address the issue that has plagued the country’s property market in recent years.
The new initiatives include lowering the amount required for a deposit and encouraging local governments to buy unsold residences.
The statements came on the same day as official numbers revealed the biggest drop in housing values in nearly a decade, indicating the crisis is worsening.
Problems in China’s real estate market are having a significant impact on the world’s second largest economy, as the industry was a primary driver of growth until recently.
The country’s central bank effectively eliminated the minimum mortgage rate and reduced the minimum down payment for first-time homebuyers from 20% to 15%.
