Date: Apr 10, 2015
By: Lucy Liu
Just a day after the “New March Deal” was announced in China, a Taiwanese businessman based in Hangzhou paid a 330,000 USD downpayment for an apartment at a Hangzhou property company, and all in cash.
The People’s Bank of China along with the housing ministry and banking regulator announced on March 30 that buyers of second homes would only be required to make a minimum down payment of 40 percent, down from the previous 60 percent.
The new rules are meant to “promote a healthy development of the housing market” by encouraging potential buyers to “take the plunge”. In this case, it seemed to do the trick. [FULL STORY]