China news overnight; the PBOC, the housing ministry and the banking regulator have lowered the minimum down payment for buyers of second homes from 60% to 40%
Ryan had the headlines overnight, here
The Wall Street Journal followed (article may be gated): China Lowers Down Payments for Buyers of Second Homes
minimum down payment of 40%, down from the previous 60%
Property owners will be exempt from paying a business tax on the sale of an ordinary home if they have owned it for at least two years, down from the previous minimum of five years. The tax, which is around 5.5%, is usually added to the bill and paid for by home buyers instead.
