(Yicai) May 20 -- The number of potential buyers inquiring to realtors about homes on sale, as well as property visits, has significantly increased after China implemented new real estate supportive policies.

Several real estate agencies in Shanghai only had one person in their offices over the past weekend, as most agents were out showing apartments to potential buyers, The Paper reported today.

On May 17, the People’s Bank of China lowered the minimum down payment ratio for individuals purchasing their first and second homes to 15 percent and 25 percent from 20 percent and 30 percent, respectively. The central bank also cut the interest rates on the housing provident fund by 25 basis points to 2.35 percent on mortgages with a term of less than five years and to 2.85 percent on mortgages with longer maturities.

Moreover, the PBOC established a CNY300 billion (USD41.5 billion) relending system to support government-subsidized housing projects in encouraging local state-owned enterprises to buy reasonably-priced commercial properties that have completed construction and use them to provide affordable housing options.

Inquiries about houses for sale in Hefei, Anhui province, soared yesterday and the day before, according to The Paper.

Apartment visits in Hangzhou have doubled since the capital city of Zhejiang province lifted all home purchase restrictions on May 9, the salesperson of a local property project said, adding that subscriptions likely jumped three to five times in the period.

It is finally time to purchase a home, a person living in Shanghai who had held a wait-and-see attitude toward the property market for three years told The Paper.

The real estate and related markets are picking up thanks to the implementation of multiple supportive policies, according to the macro research team of Haitong Securities. However, such policies will likely boost the housing demand only in the short term, so their strength and sustainability are yet to be proven.

Editor: Futura Costaglione