When this property “white list” initiative was launched at the start of the year, it was being downplayed as a failed policy by mainstream media.

Today, it appears it has been successful based on the amount of approved loans made - DOUBLE the original budget. And now, Beijing is boosting that original budget by almost 3X to 4 trillion yuan.

Seems as if a recovery was already starting to take form underneath the surface. Now, they are addressing the demand side with lower mortgage rates, easier downpayment and lifting of restrictions.