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Chinese property developers benefit from new mortgage rules

Xinhua, October 6, 2015 Adjust font size:

The reduced down-payment requirement for first-time homebuyers in China is credit positive for property developers, according to ratings agency Moody's.

"The lowered down-payment from 30 percent to 25 percent of the purchase price for first-time homebuyers will ease their access to the property market, thus boosting demand," said Kaven Tsang, a Moody's vice president.

The policy announced on Sept. 30 applies only to cities that do not otherwise restrict home purchases, thus excluding the four first-tier cities and Sanya in Hainan Province.

Demand for housing is stronger in second-tier cities than in

lower-tier cities, and home prices in second-tier cities ticked up

slightly over the past three months as a result. Prices in

lower-tier cities continued to decline. Endi