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South China Morning Post

South China Morning Post

China's homeowners are rushing to pay off mortgages early as outlook on the economy dims

South China Morning Post
Summary
Nutrition label

88% Informative

China 's property market has been in the doldrums since August 2020 , when the government put in place a policy dubbed "the three red lines", aimed at curbing a borrowing binge by property developers.

Some homeowners, suffering from heavy loan burdens and an uncertain economic outlook, sold their homes.

Others, like Li , saved up and took advantage of interest rate cuts to pay down mortgages or home loans.

Prices of new homes in China declined by the most in nine years last month , sinking 5.7 per cent from a year ago .

Contract sales generated by the top 100 Chinese developers plunged 10 per cent in August from a month earlier .

Buyers also remain cautious about plunging home prices.

VR Score

93

Informative language

96

Neutral language

51

Article tone

formal

Language

English

Language complexity

43

Offensive language

not offensive

Hate speech

not hateful

Attention-grabbing headline

not detected

Known propaganda techniques

not detected

Time-value

short-lived

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