More local governments are lifting previously-installed property cooling measures, Caixin reports, adding weight to claims that the slowing economy is prompting Beijing to take more serious action.
Guangzhou, capital of Guangdong province, lifted one key measure introduced in March 2017 banning property developers from selling new apartments built on commercial land to individuals, who make up the bulk of new buyers. The rule no longer applies to developers who bought the land before March 30 of last year.
The measure had a sizeable impact on the city’s heated property market. Since it took effect, the supply of unsold new apartments built on commercial land jumped to 28,000 units from 16,000, according to property research company CRIC.
Earlier this week Heze became the first Chinese city to quietly undo restrictive policies on its housing market. New homeowners no longer have to wait three years before reselling – a practice that previously raised fears of speculation.