China's housing ministry has launched an ambitious redevelopment project aimed at enhancing the living conditions of residents in run-down flats. Focusing on constructing elevators in these aging residential buildings, the initiative seeks to improve accessibility and overall comfort. The move comes as part of the country's broader efforts to revitalize urban areas and address housing issues in major cities. By prioritizing lift installations in these neglected structures, the government aims to uplift communities and create a more inclusive and modern living environment for its citizens.
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China's housing ministry has launched an ambitious redevelopment project aimed at enhancing the living conditions of residents in run-down flats. Focusing on constructing elevators in these aging residential buildings, the initiative seeks to improve accessibility and overall comfort. The move comes as part of the country's broader efforts to revitalize urban areas and address housing issues in major cities. By prioritizing lift installations in these neglected structures, the government aims to uplift communities and create a more inclusive and modern living environment for its citizens.
People who are knowledgeable about the situation have revealed that the Chinese authorities are contemplating the idea of relaxing home buying restrictions in the largest cities of the nation. This move could potentially eliminate an obstacle that has limited demand for real estate in Beijing and Shanghai for an extended period.
The regulators are currently evaluating the possibility of removing certain rules that currently prevent individuals with a previous mortgage history, even if they have fully paid off their mortgage, from being classified as first-time homebuyers in major cities. As things stand, individuals who have had a mortgage in the past and do not currently own a property are still subjected to higher down-payment requirements and stricter borrowing limits that are typically applied to those looking to purchase a second home.
According to one source, certain state banks have provided the regulators with necessary mortgage data and their input over the past few months. However, it's important to note that these plans are still in the phase of being discussed and have not received approval yet.
China's current policies aimed at revitalizing the property market have not been successful in maintaining a consistent improvement, as housing prices continue to decline nationwide. This situation is posing a threat to the government's target of achieving 5 per cent economic growth. The recently released gross domestic product (GDP) figures for the second quarter indicate a loss of momentum in the economic recovery, leading to increased calls for additional stimulus measures.
Up until now, policymakers have been cautious about implementing broad-based support measures, opting instead for targeted approaches to boost household spending. Over the past year, numerous local governments in smaller cities have chosen to relax or even revoke home buying restrictions. However, the stance of the authorities regarding mega cities has remained constant, with no changes observed in their approach towards these major urban centres.
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