Province eases payment condition

China’s southern province of Guangdong will allow real estate developers to delay payments on land purchases for as long as two years as part of measures aimed at supporting the industry. Developers’ shares gained.

The provincial government, on its Web site, also said it has granted equal treatment for home purchases by buyers from Hong Kong, Macau and Taiwan, and will encourage local real estate developers listed abroad to sell domestic stock in China.

Home sales in the province, the biggest contributor to China’s economy, fell 21 percent last year from 2007, the first decline since 2003, the Guangdong Real Estate Association said in a report last month. The stock of unsold homes rose 37 percent last year, the association said.

The provincial government also said it will allow homebuyers to borrow more for 30-year loans. The relaxation on buyers from Hong Kong, Macau and Taiwan is effective until year-end, it said.
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