China is seeking to maintain stability in the property market this year after the roller coaster ride of 2016, with measures to prevent surges in metropolises and the growing inventories in small cities.File photo:Xinhua

Two more Chinese cities have announced the lifting of home purchase restrictions at the start of April, sending the total number of domestic cities that have eased such policies to boost the housing market to more than 60 so far this year.

Quzhou, East China's Zhejiang Province, announced that people with hukou (household registrations) outside the city are allowed to buy real estate in the city like local residents. It also removed restrictions on the sale of new apartments.

Yan Yuejin, research director at Shanghai-based E-house China R&D Institute, told the Global Times that the city's moves will ease consumers' concerns, reflecting the local government's determination to support the housing market.

He said that more cities across the country are expected to announce new relaxation measures in April, representing a window of opportunity to stabilize the housing market.

Dongguan, a city in South China's Guangdong Province, which has recorded one of fastest increases in home prices across China, also announced recently that households with non-local hukou will be considered to have made social security payments during the COVID-19 outbreak. The new policy is widely considered as a move to increase market access for homebuyers.

Chinese authorities have unveiled a series of measures to stabilize the property market since the beginning of this year, including giving developers easier access to presale funds held in escrow, reducing down payment ratios for first-time home buyers, and allowing commercial banks to lower mortgage rates.

According to Centaline Property Institute, governments in over 60 cities across the country have taken steps to boost the property market this year, including large cities like Fuzhou in East China's Fujian Province, Zhengzhou in Central China's Henan Province, and Qingdao in East China's Shandong Province.

Global Times