Golden Week: The Impact of Beijing's Stimulus Measures on China's Property Market
Golden Week: A Record Surge in Property Sales
During China's Golden Week, the property market in cities like Shenzhen and Guangzhou saw unprecedented activity, fueled by stimulus measures announced by the People's Bank of China.
Government Easing Policies
- Guangzhou eliminated purchase restrictions for both local and non-local buyers.
- Shanghai and Shenzhen lifted limitations on non-local residents.
- Beijing followed suit by easing property buying measures.
These actions led to a frenzy of homebuyers, exemplified by a sales report indicating around 300 million yuan in sales just three days into Golden Week.
Market Reactions and Future Projections
The stock market also reacted positively, with the Hang Seng Index surging over 9% last week, indicating a reinvigorated investor confidence.
- Beijing's stimulus package comprised interest rate reductions and new mortgage requirements.
- Major developers reported significant increases in showroom visits, especially in luxury segments.
Despite this boost, analysts remain wary, noting that underlying issues in the property market still pose risks. Lu Ting from Nomura emphasizes the need for continued efforts to stabilize the sector.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.