News
China Rolls Out New Measures To Fix Its Property Crisis, Spur Growth
China launched a slew of new steps Friday to revitalize its struggling real estate business, as the latest data revealed that house prices had fallen over 10% since the beginning of the year.
Among other measures, the central bank said it will lower the minimum down payment for mortgages and eliminate the floor on interest rates for first and second homes.
China’s housing market has plummeted following a crackdown on excessive borrowing by property developers many years ago. This has dragged down a wide range of other sectors, including home furnishings, appliances, and construction, and delayed growth in the world’s second-largest economy.
Dozens of developers, whose armies of high-rise apartments have changed China’s metropolitan landscapes, still need to pay their obligations. Many initiatives have just stagnated, incomplete.
China Rolls Out New Measures To Fix Its Property Crisis, Spur Growth
He Lifeng, a deputy premier, stated that officials would implement laws tailored to each city and “fight the tough battle of dealing with the risk of unfinished commercial housing.”
“We will solidly advance key tasks such as guaranteed housing delivery and absorption of existing commercial housing,” He said during a top-level property policy teleconference, according to the official Xinhua News Agency.
The drive to entice more families to buy homes has gathered traction after previous moves, such as interest rate cuts and government-backed financing, failed to attract buyers when developers struggled to produce housing that had already been promised and paid for.
Housing is a mainstay of Chinese investment due to the cheap interest rates paid by banks, and many potential purchasers may be waiting for the market to bottom out before making fresh purchases. Furthermore, layoffs and other economic disruptions caused by the pandemic have made many individuals wary of spending.
The People’s Bank of China said that beginning Saturday, the interest rate for first-time housing provident fund loans for less than five years will be reduced by 0.25 percentage points to 2.35%. The loan rate for loans for more than five years has decreased by 0.25 percentage points to 2.85%.
According to the report, the minimum down payment for first-time homebuyer loans will be 15% of the total purchase price. The tax on second residences will be 25%.
According to Chen Wenjing of China Index Holdings, a Nasdaq-listed company that specializes in information about China’s real estate market, the latest efforts, which have reduced down payment levels and mortgage interest rates to historic lows, demonstrate Chinese leaders’ determination to stabilize the real estate market.
China Rolls Out New Measures To Fix Its Property Crisis, Spur Growth
“Reducing the down payment threshold and home purchase costs for residents will likely boost their willingness to buy homes,” Chen stated. He said that if large cities follow through with such initiatives, market sentiment would likely rise even further.
Dong Jianguo, vice minister of Housing and Urban-Rural Development, stated that officials should focus on ensuring that property buyers receive what they paid for, and if that is not possible, the courts may have to intervene.
“In judicial proceedings, protecting the legitimate rights and interests of homebuyers should also be a top priority,” Dong said at a news conference in Beijing.
Earlier Friday, officials from the National Bureau of Statistics acknowledged that domestic demand — spending by consumers and businesses — remained “insufficient” and said the government was considering additional ways to revitalize the property industry after housing prices fell 9.8% in January-April compared to the previous year.
“The complexity, harshness, and uncertainty of the external environment are rapidly growing. “There is insufficient effective domestic demand, high business pressure, and numerous risks and hidden dangers,” said Liu Aihua, a bureau spokesperson.
“The foundation for recovery needs to be strengthened,” Liu stated.
One of the primary measures being implemented is for local governments to buy units that have gone unsold owing to low demand and rent them out as cheap housing in pilot schemes that are national policy.
As part of the newest policy easing, the central bank announced the establishment of a 300 billion yuan ($42 billion) fund to finance the purchase of vacant homes by state-owned enterprises and local governments for use as affordable housing.
China’s economy expanded at a healthy 5.3% rate in the first quarter of this year, but this is rather slow for a developing country, and signals of fragility remain.
China Rolls Out New Measures To Fix Its Property Crisis, Spur Growth
On Friday, the National Bureau of Statistics said that manufacturing output increased by 6.7% in April compared to the previous year, while investment in fixed assets such as factory equipment increased by 4.2%.
However, housing starts plummeted nearly 25% yearly, while sales by floor area fell 20%. Financing for property projects declined by 25%.
Retail sales increased only 2.3% in April.
Officials predicted demand would revive as the government implemented initiatives encouraging people to sell their old cars and appliances and acquire new ones.
SOURCE – (AP)
News
Trudeau Rocks to Taylor Swift While Montreal Burns
Prime Minister Justin Trudeau has come under fire yet again after a video surfaced on X, showing him dancing at a Taylor Swift performance while anti-Nato protestors ransacked downtown Montreal.
Trudeau attended Taylor Swift’s concert in Toronto on Friday night. Before Taylor Swift approached the stage, X shared a viral video of him dancing and singing along to the song “You Don’t Own Me.”
The image of Trudeau dancing amid violent protests in Montreal generated widespread indignation online. Some social media users even compared Trudeau to the ancient Roman dictator Nero, known for “fiddling while Rome burned.”
Don Stewart, a Member of Parliament (MP) representing part of Toronto, called out the prime minister in a post on X.
Lawless protestors run roughshod over Montreal in violent protest.
The Prime Minister dances.
This is the Canada built by the Liberal government.
Bring back law and order, safe streets and communities in the Canada we once knew and loved. pic.twitter.com/PVJvR6gtmf
— Don Stewart (@donstewartmp) November 23, 2024
“Lawless protesters run roughshod over Montreal in violent protest. The Prime Minister dances,” Stewart wrote. “This is the Canada built by the Liberal government.”
“Bring back law and order, safe streets and communities in the Canada we once knew and loved,” the MP added.
On Saturday, the day after Taylor Swift’s concert, Trudeau condemned the anti-NATO protests, calling them “appalling.”
Anti-NATO activists set off smoke bombs and marched through Montreal’s streets waving Palestinian flags. According to the Montreal Gazette, rioters set fire to automobiles and battled with police.
Pro-Palestinian protests
Protesters also tossed tiny explosives and metal objects at officers. At one point, the mob torched an effigy of Israeli Prime Minister Benjamin Netanyahu. Police used tear gas and batons to disperse the gathering, and three persons were arrested for attacking officers and impeding police operations.
Masked protesters were seen burning flares and bashing storefront windows in videos and photographs shared on social media. Pro-Palestinian protests have been taking place across Canada since the Israel-Gaza conflict began late last year.
Critics have lambasted Trudeau for doing nothing to stop the violent pro-Palestinian marches, with some claiming he has fueled anti-Israel sentiment in Canada.
On Friday, Trudeau stated that Canada would respect the orders of the International Criminal Court (ICC), which issued an arrest warrant for Mr Netanyahu, even if it meant arresting the Israeli prime leader on Canadian soil.
Related News:
Trudeau Called the Greatest Threat to NATO
News
Calgary Zoo Admits Human Error in Death of Baby Gorilla
The Calgary Zoo has admitted in a public statement that a zookeeper’s negligence caused the death of a 2-year-old baby gorilla. Eyare, a newborn gorilla, died last week after being slammed in the head by a hydraulic door.
The accident occurred when a zoo worker attempted to separate Eyare from the rest of the gorilla tribe for a solitary training session.
The gorilla died from significant head injuries, according to the zoo’s statement.
“This tragedy has struck us all in the deepest way imaginable,” Colleen Baird, director of animal care at the Calgary Zoo, said during a news conference. “Eyare’s brief but meaningful existence gave so much joy to our community, and all will sorely miss her. We will do everything possible to prevent repeat accidents.”
According to Baird, the staff member involved was immediately removed from the workplace and will be reassigned to another area of the zoo. The Calgary Zoo stated that it would take preventive steps, such as specialist personnel training and animal behavioral training, to avoid a similar incident.
Calgary Zoo Questioned
It is not the first time an animal at the zoo has died from negligence at the Calgary Zoo. A capybara was accidentally crushed by a hydraulic door similar to the one that killed Eyare in 2019.
An otter died in 2016 after being entangled in an “unauthorized” pair of jeans that a zookeeper had dropped in its enclosure. In 2013, a penguin died in “a freak accident” after swallowing a stick.
Animal Justice, a Canadian group that promotes animal welfare, has called for an independent investigation of animal safety and oversight at the Alberta facility.
“The Calgary Zoo appears to have a higher rate of animal deaths compared to other zoos, and in light of Eyare’s death there should be a systematic review of the zoo’s operations and practices, conducted transparently by the government or another outside party,” according to Camille Labchuk, the executive director of Animal Justice.
The Calgary Zoo refuted that it has more animal deaths than other zoos, emphasizing that it adheres to operating requirements and has maintained accreditation by the Association of Zoos and Aquariums’ independent Accreditation Commission since 1978.
“We love and care for more than 4,000 animals representing over 100 species that call our zoo home,” stated a Calgary Zoo representative.
“Human error-related deaths in animals are quite infrequent. We have lost two animals in the last ten years: a North American river otter in 2016 and ‘Eyare’ this week.
While rare, even one human-caused death is too many. These unfortunate instances have served as vital learning experiences, prompting us to examine and tighten protocols to provide the greatest level of care.”
Baird said at the news conference that using hydraulic doors is “common practice with accredited zoos,” adding that the facility will consider switching to alternate doors to improve safety.
The Calgary Zoo, which established the Wilder Institute in 2021, caters to nearly 4,000 creatures, including six more western lowland gorillas.
Related News:
Beluga Whales Dies at Canada’s Marineland
Outrage Erupts After 17th Beluga Whale Dies at Canada’s Marineland
News
Canada’s Lotto Max Jackpot Climbs to $80M
Lotto Max in Canada has reached $80 million for only the second time in Canadian lottery history. Friday’s draw sought a winner for a $75 million pool, but the top reward remained unclaimed as of Saturday, increasing the jackpot.
Only once did the jackpot reach $80 million in September, when it broke the previous record. Before that, the prize was $75 million, a record.
The Lotto Max prize maximum was boosted earlier this year, enabling for jackpots of more than $70 million. The cap is now at $80 million.
While a greater fee may encourage more people to play, the odds of winning the lottery remain extremely low.
According to the Ontario Lottery and Gaming Corporation, the odds for a $5 ticket are around one in 33,294,800.
While there was no jackpot winner in Friday’s draw, someone did match six of the seven winning numbers, plus a bonus, earning them a payout of more than $320,000.
Lotto Max History
Lotto Max is one of three national lottery games in Canada, overseen by the Interprovincial Lottery Corporation. The game was introduced on September 19, 2009, and its inaugural draw occurred on September 25, 2009. It replaced Lotto Super 7.
The odds of winning the Lotto Max are 1 in 33,294,800. This is correct to a point but misleading.
Let’s have a look at the rules:
- Players choose 7 numbers out of 50
- Numbers cannot be repeated
- Numbers are automatically sorted into ascending order
- Each play buys 3 lines
- Each play costs $5
Seeing that players choose 7 out of 50 non-repeating numbers, the equation for the total number of possible combinations (this is different from permutations where the order in which the numbers appear is significant) when playing the Lotto Max is 50! / (7! x 43!)
-
Politics2 weeks ago
Trudeau Orders Facebook to Block Australian Presser Video
-
Business4 weeks ago
Canada CBC News CEO Catherine Tait Recalled to Parliamentary Committee
-
Celebrity4 weeks ago
Shaun White’s Proposal To Nina Dobrev Was Romantic Gold
-
Tech4 weeks ago
Apple Launches The IPhone Into The AI Era With Free Software Update
-
News3 weeks ago
Pro-Khalistanis Sikhs Attack Hindu Temple in Brampton
-
Food4 weeks ago
Starbucks Is Making A Popular Add-On Free Of Charge