UPDATE 1-Chinese megacity Hangzhou, home to Alibaba, lifts all home purchase curbs [Yahoo! Finance]
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Source: Yahoo! Finance
Thursday said it will lift all home purchase restrictions to shore up its real estate market, raising the prospect of other cities following suit. As of May 9, Hangzhou's government will no longer vet the eligibility of potential buyers, the city housing authority said in a notice. Hangzhou is capital of the wealthy Zhejiang province and boasts some of China's most desirable and expensive real estate. That led local authorities to impose home purchase curbs to deter speculation. Home demand has sagged across the country since 2021 as buyer sentiment weakened significantly, chilled by a debt crisis among property developers and a continued decline in prices. Hangzhou is the first city to completely abolish purchase restrictions after a meeting of top Communist Party leaders in April called for measures to support the property sector, said analyst Yan Yuejin at E-house China Research and Development Institute. The city's decision will be "very inspiring" for other cities that
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