Nanjing Lifts All Home Buying Restrictions, First Major Chinese City to Do So Amid Struggling Housing Market

Nanjing has eliminated all restrictions on home buying, becoming the first major Chinese city to do so as authorities try to revive the property sector.
China's property market has been in decline since 2021 when the government restricted developer debt, with the latest blow being Country Garden struggling to avoid default.
Analysts say Nanjing's move signals that property easing will continue across China to try to stimulate home-buying.
Nanjing home prices fell for a third straight month in July, while resale prices were down for the 15th consecutive month.
Nanjing cut the maximum down payment for first home purchases with a mortgage to 20% from 30%, compared to 30-35% in most big cities.

reuters.com

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Posted 9/8/2023, 4:45:28 AM

Nanjing Lifts All Home Buying Restrictions, First Major Chinese City to Do So Amid Struggling Housing Market

Nanjing has eliminated all restrictions on home buying, becoming the first major Chinese city to do so as authorities try to revive the property sector.
China's property market has been in decline since 2021 when the government restricted developer debt, with the latest blow being Country Garden struggling to avoid default.
Analysts say Nanjing's move signals that property easing will continue across China to try to stimulate home-buying.
Nanjing home prices fell for a third straight month in July, while resale prices were down for the 15th consecutive month.
Nanjing cut the maximum down payment for first home purchases with a mortgage to 20% from 30%, compared to 30-35% in most big cities.

reuters.com

Relevant topic timeline:

8/25/2023

China eases home-buying rules to prop up slumping property market, economy

9/1/2023

China relaxes mortgage rules to help homebuyers in latest stimulus push

China has lowered requirements for homebuyers in an attempt to revive its struggling property market and address the financial crisis.

9/1/2023

Exclusive: China to take more action to revive property sector

9/5/2023

China property support spurs buying but sceptics warn of weak demand

9/11/2023

Major Chinese Cities Lift Property Restrictions to Revive Sluggish Housing Market

Two major cities in eastern China, Jinan and Qingdao, have lifted all restrictions on home purchases and selling in an effort to attract buyers and revive the frozen property market.

9/11/2023

Beijing Home Sales See Uptick After Mortgage Policy Changes, But Broader Downturn Continues

9/14/2023

China's Economy Struggles Amid Real Estate Crisis, With Government Avoiding Stimulus

10/3/2023

China's Real Estate Crisis Yields Some Benefits But Poses Widespread Economic Threats

China's property crisis poses significant challenges for an economy heavily reliant on real estate, although there are some sectors that may benefit from the situation.