Borrowers as old as 80 offered mortgages
Borrowers as old as 80 are to be offered mortgages in China, as its lenders scramble to prop up its beleaguered housing market following strict zero-Covid rules.
Following a slump of 10pc in property investment last year, the first drop since 1999, several lenders have extended their borrowing age to stimulate growth.
The age limit has increased from an average of 65 to 70 years and is now one of the highest in the world. A 50-year-old homebuyer in China can now get a 30-year mortgage. Previously the buyer would have to be under 40 to qualify for a similar mortgage.
In comparison, the UK has a typical maximum age of between 65 and 70 years.
The change comes months after nationwide protests over the strict rules which hampered economic growth forced President Xi Jinping to loosen his zero-Covid lockdown policy.
According to data compiled by China Real Estate Information from 40 major cities, sales of residential property in China fell by 14pc in January compared with a year earlier.
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