The central bank has three arrows to stabilize the property market, and Beike rose more than 7% before the opening.

Gelonghui, May 17 | Real estate agency Beke (BEKE.US) rose more than 7% to US$20.5 before the market opened.

Gelonghui, May 17 | Real estate agency Beke (BEKE.US) rose more than 7% to US$20.5 before the market opened.
In terms of news, the central bank introduced three policies today to stabilize the property market.
The central bank announced the cancellation of the lower limit on commercial personal housing loan interest rates for first and second homes at the national level; starting from May 18, 2024, it will lower the personal housing provident fund loan interest rate by 0.25 percentage points.
The People\’s Bank of China and the State Administration of Financial Supervision and Administration announced that the minimum down payment ratio for commercial loans for first homes will be adjusted to no less than 15% and for second homes to no less than 25%.
In addition, He Lifeng, member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, pointed out that relevant local governments should proceed from reality and properly dispose of the idle stock of residential land that has been transferred by taking back, purchasing, etc., as appropriate, to help real estate companies with financial difficulties solve their difficulties; there is a large inventory of commercial housing. Cities and governments may order and purchase some commercial houses at reasonable prices as appropriate to use as affordable housing.

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