China megacities ease homebuying rules to boost property market

China’s megacities Guangzhou, Shenzhen, and Shanghai have eased home buying restrictions to boost the struggling property market. Changes include removing buyer eligibility checks, lifting limits on home ownership, and lowering minimum down payments. The central bank has also asked financial institutions to reduce mortgage rates on existing loans. These measures are part of a broader effort to stimulate China’s economy, which has been impacted by a prolonged housing slump. Property developers’ stocks rallied in response to the announcements, with some seeing significant gains.READ FULL