Shanghai will implement eight real estate measures from Aug. 21 across housing credit, provident funds, purchase subsidies, housing voucher resettlement and affordable rental housing. The minimum down payment for second-home commercial mortgages will fall to 15% outside the Outer Ring Road, while remaining 25% inside it; the first-home minimum stays at 15%. Qualifying buyers can receive trade-in subsidies of up to 80,000 yuan through March 31, 2027. The measures prompted an immediate rally in Chinese property stocks, although Morgan Stanley said their effect on overall home sales may be limited because households face weak economic conditions and higher debt burdens. Morgan Stanley’s China Chief Economist Xing Ziqiang said the broader property-market adjustment may be nearing the end of its downward clearing phase.