China announces incremental policies to prop up property sector

The Ministry of Housing and Urban-Rural Development announced incremental policies that highlight “Four Cancellations, Four Reductions, and Two Increases”  in a move to foster a healthy real estate market on Thursday. These measures include lifting home purchase restrictions, reducing loan interest rates and down payment ratios, and increasing housing renovation projects and credit scales, Ni Hong, minister of Housing and Urban-Rural Development, told a press conference in Beijing.