BEIJING: Last month, at least three significant Chinese cities lifted restrictions on home purchases as the Asian powerhouse slowly retracted a crackdown on the real estate industry in an effort to boost its economy.
Two of the most popular cities in the northern province of Liaoning, Dalian and Shenyang, individually declared they would no longer limit the number of properties residents may purchase in most areas of city, while providing buyer subsidies and tax relief for sellers.
The provincial capital of the wealthy Jiangsu responsibility, Nanjing, announced that its final restrictions on home purchases may be lifted by allowing people to purchase apartments in four districts without providing proof of enrollment.
These disclosures follow a number of national support initiatives for the real estate industry, including lowering loan rates for first-time consumers.
The debt-ridden real estate market in China accounts for one-quarter of the country’s economic exercise. Since the government’s decision to prevent engineers from accruing debts in 2021, it had been declining.