China cuts rates, could buy up commercial housing to boost property market

State media also reported, citing the central bank and the National Financial Regulatory Administration, that they would cut the minimum down payment rate for first-time homebuyers to 15 percent, one of the country's lowest-ever rates.

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Children walk in a residential area at a housing project in Hefei, Anhui province, China, November 1, 2023. Property and construction accounts for more than a quarter of China's gross domestic product. (AFP)