Home » Increased Consultations and Market Activity After Beijing’s “Recognize the House but not the Loan” Policy

Increased Consultations and Market Activity After Beijing’s “Recognize the House but not the Loan” Policy

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Title: Beijing’s “Recognize the House but Not the Loan” Policy Boosts Market Activity on First Working Day

Subtitle: Increased consultations and transactions indicate positive response from homebuyers

Beijing, China – Today marked the first working day after the implementation of the “recognize the house but not the loan” policy in Beijing, leading to a surge in consultations and increased market activity. Real estate agencies and sales offices reported a significant rise in visits, inquiries, and transactions, signaling a positive response from potential homebuyers.

According to Wang Hui, business district manager of an intermediary store in Beijing, the number of visits at their store increased by three groups compared to the previous working day. Furthermore, the store witnessed a 5 to 10 group increase in consultations, reflecting the high interest among customers.

Regarding the surge in consultations, including viewings, Wang Hui explained that customers are primarily concerned about the trend of housing prices and the specific implementation of the new policy. The increased online consultations after working hours further highlighted the impact of the policy on customer demand.

Both the new and second-hand housing markets experienced heightened activity. Increased transaction volumes were reported in sales offices of major projects in Beijing. One sales office representative mentioned that on weekends, they sold at least 50 sets of houses, compared to the previous capacity of selling 20 sets per day. The larger houses were in higher demand, whereas smaller apartments faced a scarcity of available units.

Mr. Chen, a long-time Beijing resident, also took advantage of the new policy, recently signing a house purchase agreement. He expressed relief over reduced down payment pressure and highlighted the policy’s positive impact on his plans to buy a house in his hometown.

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Beijing citizens also voiced their support for the policy, stating that it fulfills their current housing requirements. One citizen mentioned the desire to change from a one-bedroom to a two-bedroom apartment for better accommodation for their family.

Experts attribute the policy’s immediate effect to the market’s pre-existing expectations and demand backlog. Cao Jingjing, General Manager of the Index Research Department of the China Central Finger Research Institute, explained that the policy’s introduction led to a transformation of expectations into tangible transactions.

Looking ahead, multiple regions are set to implement additional measures such as reduced down payment ratios and lower interest rates for second-home loans. Experts anticipate that this wave of policies will positively impact the stability of the economy, bolster consumption, and encourage investment. As a result, the real estate market is expected to experience an upward trend in prices, particularly in core cities like Beijing and Shanghai.

However, experts caution homebuyers to consider their loan repayment capabilities and take a rational approach to real estate investment. It is advised to assess medium to long-term expectations and make informed decisions based on personal financial circumstances.

The implementation of the “recognize the house but not the loan” policy marks a significant step towards easing restrictions in the housing market. With increased market activity and positive responses from homebuyers, Beijing’s real estate sector is poised for further growth.

Contact:
China News Agency
Email: [email protected]
Phone: +86-10-68553267

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