China's Wenzhou city eases property rules in singular change
BEIJING (REUTERS) - The eastern Chinese city of Wenzhou has relaxed restrictions on property purchases to allow some people to buy second homes, the first in the country to ease controls, though analysts say other Chinese cities are not expected to follow suit.
Wenzhou's policy shift comes as investors increasingly bet that China may soon loosen its near four-year-old property controls to shore up its economy, which is grinding towards its slowest annual growth in 23 years this year.
Under the new rule, first-home buyers in Wenzhou can now buy two houses, reversing a restriction introduced in March 2011 that barred them from purchasing two properties as part of a nationwide campaign to calm China's frothy real estate prices.
"This is true," an official from the Wenzhou House Management Centre said on Monday, confirming a local media report that the city has eased its property policy.