Reuters: The Beijing Daily said Tuesday that Langfang city has abolished all limitations on home purchases to promote buyer interest. It’s the first Chinese jurisdiction to do so since the country’s property crisis last year.
The city of 5.5 million wants banks to reduce housing provident fund minimum down payments.
Fragile attitudes in the sector due to debt issues at many property developers have been eroded by homebuyer threats to quit paying mortgages for incomplete projects. Private survey: China’s new home prices and sales volumes decreased in July.
Hundreds of Chinese towns, largely small ones, have offered subsidies, relaxed limits, and lowered down-payment requirements this year to increase demand. Langfang put limitations on non-residents buying property in 2017.
Langfang, which is in the province of Hebei and is about 60 km southeast of Beijing, has also removed restrictions on property sales near its borders with Beijing and Xiongan New Area.
Langfang housing prices fell seven straight months through July.
