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China’s Mortgage Relaxation Spurs Weekend Sales in Mega Cities
Home sales in two of China’s biggest cities soared in the past two days following mortgage relaxations, an early sign that government efforts to cushion a record housing slowdown is helping. Existing-home sales for Beijing and Shanghai doubled over the weekend from the previous one, according to CGS-CIMB Securities. “We were surprised by the strong pick up in Beijing and Shanghai, despite the challenging economy,” said Raymond Cheng, head of China property at CIMB. The two mega cities — each with a population of more than 20 million — benefited the most from Thursday’s announcement which lowered ... (full story)