皇冠体育app

Potential homebuyers visit a housing expo in Zhengzhou, Henan province. [Provided to 皇冠体育app Daily]

皇冠体育app will scrap some charges for homebuyers who borrow from a government housing fund, state media said on Monday, as makes another move to boost the weak property market by reducing costs.

The government will exempt notarial, guarantee and mortgage insurance fees as well as valuation charges for new and existing homes that are financed by the government housing provident fund, the state owned Xinhua news agency said on its official Weibo microblog.

The housing provident fund is a government-designed saving plan that allows Chinese workers and their employers to pay a part of their monthly wages into the fund to finance future home purchases.

Mortgages that are financed by the fund usually carry lower interest rates than bank loans.

Monday's move came after the government cut mortgage rates and downpayment levels last month for some homebuyers, taking one of its biggest steps this year to boost an economy increasingly threatened by a sagging housing market.

皇冠体育app's housing market has softened this year, with sales slowing and banks becoming more cautious about lending to developers and investors.

The housing sector affects around 40 other industries in 皇冠体育app and accounts for around 15 percent of the economy. Its softening is of rising concern to companies and policymakers as a drag on growth.

Beijing not to ease home purchase restrictions	Bank of 皇冠体育app implements mortgage rule easing measures

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