BEIJING, Sept. 10 (Reuters) – At least three major Chinese cities last week removed restrictions on home purchases, as the Asian giant gradually backs away from a crackdown on the real estate sector in a bid to revive its economy.
Dalian and Shenyang, two of the most populous cities in northeastern Liaoning Province, separately announced that they will no longer limit the number of properties residents can buy in most parts of the city, with subsidies for buyers and tax exemption for sellers.
Nanjing, the capital of affluent Jiangsu Province, said it would allow people to buy apartments without proof of eligibility in four regions, effectively easing recent restrictions on home purchases.
The announcements follow a series of nationwide support measures for the real estate sector, including lower mortgage rates for first-time homebuyers.
China’s debt-laden real estate sector represents a quarter of the country’s economic activity. It has been on a downward spiral since 2021 when the government moved to stop developers from racking up debt.
(Reporting by Yu Lun Tian; Reporting by Yu Lun Tian) Editing by Michael Perry
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