Morgan Stanley Xing Ziqiang: Recommends piloting a 100 basis point reduction in mortgage rates to narrow the gap with rental yields

2026-03-17 04:26:18

Morgan Stanley China’s Chief Economist Xing Ziqiang believes there are three policy paths to support the real estate sector: reducing inventory, maintaining the main entities, and subsidizing mortgages. Relatively, he recommends using fiscal funds to subsidize mortgages, which can narrow the gap between mortgage interest rates and rental yields, thereby changing people’s housing purchase expectations. (Yicai)

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