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<Research>G Sachs Considers PBOC Measures Positive But Limited for CN Property Mkt
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The People's Bank of China (PBOC), China Securities Regulatory Commission, and the National Financial Regulatory Administration announced several economic measures yesterday (24th) to fortify support for China's property industry, according to a report issued by Goldman Sachs. The broker believed that these measures would yield a positive but likely limited impact. Among those measures, Goldman Sachs considered the reduction of the minimum down payment for second homes to a historic low and at par with first homes to be surprising. However, the stimulus effect on home purchases may be affected by negative price expectations and a weak job market or wage growth outlook. As for strengthening direct funding support for refinancing quotas, it may reduce financing costs and speed up loan disbursement, but its scale remains relatively small. In addition, while lowering the outstanding mortgage rates could save about RMB150 billion in interest, it still fell short of the market's and the bank's original expectations. AAStocks Financial News |
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