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Shanghai relaxes home-buying restrictions

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Shanghai News

Relaxes,Home-Buying,Restrictions

SHANGHAI — Shanghai has relaxed rules on buying property in the city, as local governments across China aim to ease an agonizing real estate crisis that is dragging on the economy.

Many 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.But they are now reversing those policies in a bid to stem an economic slump characterized by a debt crisis among developers, low demand and falling prices.

The megacity also said it would reduce the minimum down payment for commercial housing mortgages to 20 percent, as well as permit families with two or more children to buy an additional home.The announcement followed similar moves in major Chinese cities such as Hangzhou and Xi'an this month, reducing purchase restrictions for first-time buyers.

 

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