China property: cities ease curbs as economy takes coronavirus hit
- More than 60 municipal authorities started easing property restrictions in the first quarter, according to a note on Sunday by the China Index Academy
- The property market has long been viewed as a major economic engine of China and the easy option for quickly bolstering growth during downturns
Property curbs are easing in cities across China as stability takes precedence over reform in the slumping, debt-ridden sector.
More than 60 municipal authorities started easing property restrictions in the first quarter, according to a note on Sunday by the China Index Academy, one of the country’s biggest independent real estate research firms.
The measures include reducing down payments, subsidising house purchases, cutting mortgage interest rates and giving financial support to developers.
On Friday, Quzhou, a city in the eastern province of Zhejiang, announced an immediate relaxation on curbs on both buying and selling flats, the first in China to do so this year.
The stability of the real estate sector is very important this year, no matter from the perspective of stabilising the economy or preventing risks
Last week, authorities in Qinhuangdao, a port city about 300km east of Beijing, repealed house purchase restrictions that had been in place for five years.