More Chinese cities ease grip on housing as economy stutters
Published on May 6, 2014 7:07 PM
BEIJING (REUTERS) - More Chinese cities are rolling out measures to encourage home purchases, in a sign that local governments are increasing efforts to safeguard an important driver of growth in China's faltering economy.
The loosening of home purchase rules in the eastern city of Tongling in Anhui province and Ningbo, the coastal city of eastern Zhejiang province, follows several other smaller stimulus steps in recent weeks to juice the world's second-biggest economy.
Tongling has introduced steps including providing tax subsidies to first-home buyers, and cutting down-payment rates to 20 per cent from 30 per cent for select buyers, the city government said on its website on Monday.
Ningbo has also relaxed home purchase restrictions, the official China Securities Journal newspaper reported on Tuesday, quoting a meeting held by a local industry association.
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