BEIJING (Reuters) – Two major cities in eastern China lifted all curbs on home purchases and selling on Monday, joining several other cities in dropping restrictions to attract buyers and revive a largely frozen property market.
Jinan and Qingdao, two of the largest cities in China’s second-most populous province of Shandong, said homes in all areas are allowed to be put on the market, according to a government statement and a local media report.
Qingdao previously limited the number of homes that could be purchased in two districts. Jinan had similar measures.
Last week, three cities – Nanjing in eastern Jiangsu province and Dalian and Shenyang in northeastern Liaoning province – became the first cities to eliminate curbs on home buying.
The moves were part of broader support measures for the sluggish property market, which accounts for a quarter of China’s economy. The measures include cuts in interest rates on existing mortgages.
China’s property sector has been in a tailspin since 2021 when the government issued strict rules to stop indebted developers from accumulating even more debt.
A sector-wide liquidity crunch followed, slowing down the completion of projects, weighing on home-buyer sentiment and depressing prices.
(Reporting by Albee Zhang and Ryan Woo: Editing by Neil Fullick)
