Estate agents cautiously optimistic after China stimulus plans
The Peninsula
Shanghai: At the end of a week in which China s leaders announced their biggest economic stimulus measures in years, real estate agents in financial h...
Shanghai: At the end of a week in which China's leaders announced their biggest economic stimulus measures in years, real estate agents in financial hub Shanghai expressed cautious optimism at policies intended to encourage home buying.
Chief among the threats to the government's goal of hitting five percent growth in 2024 is a prolonged property sector crisis, which has so far resisted incremental efforts at resolution.
At a meeting of the Communist Party's top decision-making body on Thursday, leaders said they would loosen restrictions on buying houses, lower interest rates on existing mortgages and generally "promote the construction of a new model for real estate development", according to state media.
That was welcome news to those working in Shanghai's property market.
"Especially since last year, the real estate market environment has dropped a lot," Tao Yuan, an agent in Shanghai's former French Concession, told AFP.
