19 August 2019

Developers subsidize down payment to boost sales, paper says

Many property developers in various cities, such as Hangzhou, Changzhou and Wenzhou, are trying to boost sales in a slow market by subsidizing buyers on the down payment, the Economic Information Daily reported Monday. Since 2013, the central government has laid down measures to rein in property prices, raising the down-payment ratio for the purchase of second homes from 65 to 70 percent of the flat price. Most developers are expected to sacrifice on price for sales volume this year, unnamed analysts were quoted as saying.

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