On Tuesday, Beike (BEKE, Financial) saw its stock price rise significantly, up nearly 8% to $21.48. This uptick follows Beijing's latest housing policy announcement, which takes effect starting October 1.
In the new policy, the Beijing Housing and Urban-Rural Development Commission stated that for first-time homebuyers, the minimum down payment for commercial housing loans will be adjusted to at least 15%. For second-time homebuyers, the minimum down payment will be adjusted to at least 20%.
Additionally, non-Beijing residents looking to purchase homes within the Fifth Ring Road need to show proof of continuous social insurance or income tax payments for at least three years before the purchase. For homes outside the Fifth Ring Road, this requirement is reduced to two years.
