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The city of Hangzhou says it has ditched all purchase restrictions – Copyright AFP STR<\/small><\/em><\/p>\nMatthew Walsh with Emily Wang in Shanghai<\/em><\/p>\nTwo of China\u2019s wealthiest cities said Thursday they would lift all restrictions on buying homes, joining a growing list of urban areas rolling back curbs as they look to prop up the faltering property market.<\/p>\n
Many Chinese cities imposed restrictions and tough credit requirements on home purchases well over a decade ago in an effort to tamp down soaring prices and rampant speculation.<\/p>\n
But they are now reversing those policies in a bid to stem an economic slump characterised by a debt crisis among developers, low demand and falling prices.<\/p>\n
The eastern city of Hangzhou \u2014 home to 12.5 million people \u2014 said Thursday it had ditched all purchase restrictions \u201cto promote the (market\u2019s) stable and healthy development\u201d.<\/p>\n
\u201cFrom the date of issuance\u2026 those who buy lodgings within the bounds of this city will no longer have their purchasing qualifications reviewed,\u201d it said.<\/p>\n
Hangzhou, a major innovation hub home to tech giants such as Alibaba, is one of the most desirable and expensive places to buy property in China.<\/p>\n
In a separate announcement, the northwestern city of Xi\u2019an, which has a population of 13 million, said it had also cancelled all such restrictions.<\/p>\n
The announcements quickly racked up more than 230 million views on social media site Weibo, where many users were doubtful the policy would make any difference.<\/p>\n
\u201cWith Hangzhou\u2019s house prices, what\u2019s the point of cancelling buying restrictions? I still can\u2019t afford it,\u201d wrote one commenter.<\/p>\n
Bill Bishop, publisher of the influential Sinocism newsletter, called the move \u201ca sign of desperation\u201d.<\/p>\n
\u201cIf this does not goose sales there will be more trouble as prices will have to adjust downward a lot,\u201d he wrote on social media site X.<\/p>\n
More than 20 cities have abolished home purchase restrictions since the beginning of last year, according to an AFP tally.<\/p>\n
Chengdu in southwestern China said last month it would no longer look at prospective buyers\u2019 household registration documents, social security and other conditions before greenlighting purchases.<\/p>\n
Several of the biggest cities, including Beijing, Shanghai and Shenzhen, have partly lifted curbs but have resisted dumping them entirely.<\/p>\n
Property and construction account for more than a quarter of China\u2019s gross domestic product, but the sector has been under unprecedented strain since 2020.<\/p>\n
That year, authorities tightened developers\u2019 access to credit in a bid to reduce mounting debt.<\/p>\n
Since then, major companies including Evergrande and Country Garden have teetered on bankruptcy, while falling prices have dissuaded consumers from investing in property.<\/p>\n
Measures introduced by the central government to support the sector have so far had little effect.<\/p>\n
And President Xi Jinping has largely stuck to his often-touted maxim that \u201chouses are for living in, not for speculation\u201d.<\/p>\n
Last month, the International Monetary Fund said China\u2019s economic recovery from the pandemic could falter if the crisis was not properly addressed.<\/p>\n
\u201cWithout a comprehensive response to the troubled property sector, growth could falter, hurting trading partners,\u201d it warned in its World Economic Outlook report.<\/p>\n<\/p><\/div>\n
Chinese cities lift curbs on buying homes as property crisis bites
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#Chinese #cities #lift #curbs #buying #homes #property #crisis #bites<\/p>\n","protected":false},"excerpt":{"rendered":"
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