(ECNS) - China has made moves to stimulate its sagging housing market and declining economy by announcing a package of eased mortgage rules for second home buyers, drawing enormous attention from across the nation on Monday.
However, results from the latest survey conducted by China News Service indicate that half of those questioned may not buy a second home in the near future, as housing prices are still “too high to afford.”
The survey had attracted 877 participants as of 5 p.m. Tuesday through its official account on the social media platform WeChat.
According to the survey, 42 percent of those questioned say they do not own a home, 40 percent say they own one home, 11 percent say they own two, and 6 percent say they own more than two homes.
Nearly half, 48 percent, of those surveyed say they have no plans to buy a second home in the near future, 20 percent say they will and 31 percent are undecided on the matter.
As to the purpose of owning a second home, 47 percent say they want to improve housing conditions, 23 percent say they will buy for a family member, 12 percent say it is an investment and 15 percent say they have other purposes.
Asked about the main reason behind not planning to buy a second home, 66 percent say they can’t afford it as prices remain too high, 15 percent say there is still room for housing prices to drop further, 9 percent say one home is enough, and 8 percent say investing in stocks is a smarter choice than investing in properties.