Wenzhou loosens property controls

The eastern city of Wenzhou has become the first in China to soften restrictions on property controls, Reuters reported, citing an unnamed local official. Under the new rule, first-home buyers in Wenzhou can now buy two houses, reversing a rule introduced in 2011 as part of a nationwide campaign to reel in China’s rising real estate prices. Wenzhou’s policy shift comes as investors increasingly bet that China may loosen its near four-year-old property controls to shore up its slowing economy. Analysts, however, do not expect other Chinese cities to follow suit.