Nanjing Unveils Rules Allowing Mortgage-Backed Home Sales, 5% Deposit Cap

Nanjing's move matters less as a novelty than as confirmation that the post-August national framework is being operationalized city by city, with the deposit cap a consumer-protection layer rather than a demand stimulus. The direct beneficiaries are homeowners carrying mortgages who were previously locked out of resale without first clearing the loan, and the lenders and agencies that must now coordinate on lien release. Whether the 5% cap becomes a common local standard or varies across the sixteen cities is the open question worth tracking.