People walk along Nanjing Pedestrian Road, a main shopping area, following the outbreak of the coronavirus disease (COVID-19), in Shanghai, China May 10, 2021. REUTERS/Aly Song/File Photo Acquire Licensing Rights
BEIJING, Sept 10 (Reuters) – At least three major Chinese cities last week removed restrictions on home buying, as the Asian giant gradually rolls back a crackdown on the property sector in a bid to revive its economy.
Dalian and Shenyang, two of the most populous cities in the northeastern province of Liaoning, separately announced they will no longer restrict the number of properties residents can buy in most parts of the city, while offering subsidies for buyers and tax relief for sellers.
Nanjing, the provincial capital of affluent Jiangsu province, said it would let people buy flats without proof of eligibility in four districts, effectively easing its last restrictions on home purchases.
These announcements come on the heels of a series of nationwide support measures for the property sector, including lower mortgage rates for first-time homebuyers.
China’s debt-riddled property sector accounts for one-quarter of the state’s economic activity. It had been on a downward spiral since 2021 when the government moved to stop developers from accumulating debt.
Reporting by Yew Lun Tian; Editing by Michael Perry
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