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The
moves, announced in a local government statement, come after the
central bank issued new guidelines on reducing minimum mortgage
rates and down-payments last month, which sparked dozens of
cities to relax property policies.
Beijing is lowering the minimum down-payment ratio for buying a
home to 20% from 30%, and for some second home buyers to 35%
from 40%, the statement said.
The city is also reducing the floor rate for a first-home
mortgage to the loan prime rate (LPR) minus 45 basis points.
Previously, the floor was the LPR plus 10 basis points.
Beijing's moves mean that China's four biggest cities have now
relaxed mortgage and other policies that should help boost
demand from home buyers, said analyst Yan Yuejin at E-House
China Research and Development Institution.
China's ailing property market has been a big drag on the
world's second-largest economy.
(Reporting by Liangping Gao and Beijing newsroom; Editing by
Mark Potter)
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