Three Chinese cities remove restrictions on home purchases.

Chinese Cities Lift Restrictions on Home Buying to Boost Economy

BEIJING (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)

Latest News:

83-year-old Pelosi runs for reelection ⁤to Make‍ America San Francisco. Also, Lindsey Graham could have been indicted ‌by the Fulton County DA, while Mark Meadows’ request is shot down.

Following 45th President ⁣Donald Trump’s fourth indictment, Black and Latino voters say they will support him in ​2024.

1600 scientists from around the world, including ​321⁢ from ​the U.S., have signed the ‘World Climate Declaration” ⁢saying there⁣ is no Climate Emergency.

In an exclusive ⁣interview,⁣ Kentucky Senator Rand Paul tells One America News that as new COVID requirements are emerging at some⁣ schools, there is no good science to support mandatory masks and vaccines among young people.

By Nate Raymond and Jonathan Stempel (Reuters) -A‌ federal appeals court on Friday ruled the White House, the FBI and⁢ top health…

By Yelin Mo ⁢and Brenda Goh BEIJING/SHANGHAI (Reuters) – A new series of smartphones launched by China’s Huawei Technologies has drawn global…

(Reuters) – PetroChina has acquired 100% of electric vehicle (EV) charging firm Potevio New Energy Co Ltd in the latest lower-carbon investment…

By Munsif Vengattil BENGALURU (Reuters) -U.S. chip⁢ firm Nvidia and India’s Reliance on Friday said they have formed a partnership to create…