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- The Chinese government unveiled a raft of measures to stimulate its embattled housing market.
- It will remove the floor on mortgage rates, offer cheaper housing loans, and lower down payments.
- Overbuilding has led to supply far outpacing demand, leaving developers short of cash and deep in debt.
Chinese authorities just announced their biggest effort yet to shore up the troubled housing market.
In a slew of statements on Friday, the People's Bank of China said it would remove the nationwide floor on mortgage rates for first-time and second-time homebuyers, lower interest rates on housing loans, and reduce minimum down payments in a bid to boost demand.