Last week, home purchase restrictions were lifted in at least three significant Chinese cities as the Asian giant steadily eases restrictions on the real estate market in an effort to boost its economy.
The two most populous cities in the northern province of Liaoning, Dalian and Shenyang, separately declared they would no longer impose limits on the number of homes citizens may purchase in the majority of the city while providing subsidies for purchasers and tax relief for sellers.
The wealthy Jiangsu province’s provincial capital, Nanjing, said that it would loosen its final restrictions on property purchases by allowing residents to acquire flats in four districts without providing proof of eligibility.
These declarations follow a slew of national property sector support initiatives, including lower mortgage rates for first-time homeowners.
One-fourth of the country’s economic activity is generated by the debt-ridden property industry in China. Since 2021, when the government took action to prevent developers from amassing debt, it had been going downhill.
