real estate Photo:Xinhua

In a concerted effort to stabilize the property market, several Chinese cities on Tuesday announced new policies to boost housing demand and facilitate transactions. 

With ongoing support from both the central and local authorities, the real estate market is showing signs of recovery and is expected to experience a positive trend in the fourth quarter, experts said.

In a significant policy shift, Chengdu, capital of Southwest China's Sichuan Province, said that it will lift restrictions on the resale of newly purchased homes. 

Buyers can now list their properties for sale immediately after obtaining the property rights certificate, a move aimed at enhancing the stable development of the market. 

The city also announced a 20 percent increase in loan limits for buyers participating in the trade-in program and for families with multiple children. This move is designed to support basic housing needs and housing improvements. 

It also encourages developers to provide free parking spaces for homebuyers.

Zibo, in East China's Shandong Province, announced a 20 percent increase in the mortgage loan limit for buyers of high-quality residential properties. The local government is also focusing on improving housing quality and encouraging innovative designs in new residential projects.

The real estate market is expected to show a positive trend in the fourth quarter, driven by new encouraging policies. This could lead to more transactions and higher prices, Yan Yuejin, vice president at Shanghai-based E-house China R&D Institute, told the Global Times on Tuesday.

These developments follow policy adjustments in the first-tier cities - Beijing, Shanghai and Guangzhou and Shenzhen, both in South China's Guangdong Province - which relaxed restrictions on home purchases at the end of September. 

China's six major national commercial banks announced cuts to their existing mortgage rates starting on October 25, as the country ramps up efforts to stabilize the property market.

During a press conference on Saturday, Minister of Finance Lan Fo'an said that China will apply a set of fiscal policy tools, including local government special-purpose bonds, special funds and taxation policies, to help stabilize the property market, the Xinhua News Agency reported.

This array of stimulus measures came after the September 26 meeting of the Political Bureau of the Communist Party of China Central Committee, which underlined efforts to "reverse the downturn and stabilize the real estate market," Xinhua reported.