A raft of stimulus measures has propped up the real estate market in south China's island province of Hainan since the beginning of October, characterized by a notable increase in property viewings and sales.
According to the person in charge of a real estate sales center in Sanya, property viewings have more than tripled this month compared to September, while property sales have doubled.
"Since the National Day, hundreds of groups of customers have been coming in for inquiries every day. We put on the first apartments on sale and they get snapped up. Our sales staff have been extremely busy," said Lu Tingting, the person in charge.
In May, the People's Bank of China and the National Financial Regulatory Administration announced reductions in the minimum down payment ratios for individuals' commercial housing mortgages to 15 percent for first-home purchases and 25 percent for second-home purchases.
Furthermore, the cities of Dongfang and Wenchang, along with Chengmai County in Hainan, have issued notices to comprehensively lift restrictions on the purchase and transaction of commercial residential homes.
"The current policies are particularly favorable, thanks to the strong government support. The interest rates and down payments are decreasing, with down payments now reduced to 15 percent, which is quite an incentive. We believe it is a good time for us now and we can cut a good deal buying a house. That's why I've brought my family to have a look as well," said Li Haoran, a potential home buyer.
Hainan's home sales buoyed by stimulus measures
A palm-sized electric vehicle (EV) charger and a customized new energy garbage truck are among the latest cutting-edge products hogging the limelight at the 136th Canton Fair, which concluded its first phase on Saturday in south China's Guangzhou City.
The portable EV charger, developed by U.S. industrial conglomerate Honeywell and applicable to most types of EVs, turned a lot of heads at the event, also known as the China Import and Export Fair.
It can be used even at high-altitude areas and be connected to cell phones.
The charger is now available for purchase on online shopping platforms in the run-up to China's annual "Double 11", or Singles' Day, shopping festival which falls on Nov. 11.
"This is our latest product, and it sells at only 599 yuan during the 'Double 11.' We have raised the portable charger's rate of power to 3.5 kilowatts, and it can fully charge a car in around 10 hours. We are quite surprised to see so many more guests this year, especially those from South America and Eastern Europe, who are interested in new energy chargers. We expect a significant increase of orders this year," said Zhang Shaozhi, an exhibitor at Honeywell's exhibition booth.
Meanwhile, Skyworth, known as an electric appliance producer, is exhibiting its new garbage truck at the new energy vehicle area.
The truck, with a load capacity of 3.2 tonnes, features a driving cab which can be assembled by drivers themselves.
Equipped with a lighter vehicle chassis and noise absorption devices, the truck caters to the needs of environmental protection in South and Central Asian countries.
"The chassis is very light, so it can carry 600 kilograms more than a vehicle of the same class," said an exhibitor at Skyworth's exhibition booth.
The import exhibition at the Phase 1 of the Canton Fair has attracted 213 participating enterprises from 28 countries and regions. So far, the Phase 1 has seen more than 200 new product launch events online and offline.
The 136th Canton Fair opened on Oct. 15 and will run through Nov. 4 in three phases, with the second phase to be held between Oct. 23 and 27, and the third between Oct. 31 to Nov. 4, respectively.
Palm-sized EV charger, customized garbage truck shine at Canton Fair
