China eases home-buying rules from Shanghai to Shenzhen to tackle property slump
Posted on September 30, 2024 |
Guangzhou, Shenzhen, and Shanghai, three major Chinese cities, have relaxed home-buying rules to help revive the struggling housing market.
China’s central bank is pushing financial institutions to lower mortgage rates to boost the property sector and support economic growth.
The property market, which once contributed 25% of China’s GDP, has slowed down, becoming a challenge for the country’s 5% growth target this year.
In Guangzhou, buyers no longer need to meet qualification checks for home purchases, and there are no limits on how many properties they can buy.
Shenzhen has also eased its rules by removing the need for homebuyers' qualifications to be reviewed.
Shanghai has reduced taxes for some homebuyers and lowered down payment requirements to make purchasing homes easier.
