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Latest measures by the southern Chinese city make it attractive for people like renters to buy a home, says a real estate player.
On Wednesday (May 28) when retired university lecturer Lucy Wang heard the news that the city would significantly ease property measures, she knew it was time to take the plunge.
“With downpayment almost halved and a lower loan interest rate, I do not need to hesitate,” declared the Shenzhen resident, who already has one property in her son’s name in Guangzhou.
Her focus is now on which house to pick from among three properties between 145 and 190 square metres – one further from the central business district, or one closer to a metro station and a foreign language school, which would benefit her son when he starts a family.
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The southern cities of Guangzhou and Shenzhen eased measures on Wednesday (May 29), a day after Shanghai.
Guangzhou eliminated minimum mortgage rates and lowered the downpayment required by 15 percentage points, to as low as 15 per cent for first-time buyers.
It also cut the minimum downpayment ratio for second-home buyers from 40 per cent to 25 per cent, according to a local government notice.
