Shanghai rolls out measures to boost property market
Authorities in Shanghai have unveiled a set of measures to provide further targeted support for homebuyers. The nine measures unveiled on Monday aim to meet the diversified living needs of residents, Xinhua news agency reported. They include easing home-purchase restrictions further for non-Shanghai residents and divorced couples, and allowing families with two or more children to purchase an additional home. Shanghai also said it would reduce the minimum down payment for commercial housing mortgages to 20 percent. The announcement followed similar moves in major cities such as Hangzhou and Xi'an this month, reducing purchase restrictions for first-time buyers. Many mainland cities had imposed restrictions and tough credit requirements on home purchases well over a decade ago in an effort to tamp down soaring prices and speculation. But they are now reversing those policies in a bid to stem an economic slump characterised by a debt crisis among developers, low demand and falling prices. (Additional reporting by AFP)