The Chinese city has lifted all restrictions on home purchases to boost demand.

Men work at the construction site of apartment buildings in Beijing, China, 15 July 2022. REUTERS/Thomas Peter/File photo

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Beijing Aug 9, 2010 The city of Langfang has lifted all restrictions on domestic purchases to boost buyer demand, the Beijing Daily reported on Tuesday. .

The city of 5.5 million people has urged banks to reduce the housing provident fund, which is used to finance home purchases.

The weak sentiment in the sector has been exacerbated by the debt crisis faced by most of the country’s property developers as homebuyers nationwide threaten to stop paying loans for unfinished projects. China’s new home prices and sales volume both fell in July from a month earlier, according to a private survey.

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This year, hundreds of Chinese cities, mostly smaller cities, have taken steps to boost demand by offering subsidies, relaxing restrictions and reducing payment requirements. In the year Restrictions on purchases introduced in Langfang in 2017 include restrictions on non-residents buying homes.

Langfang in Hebei province, about 60 kilometers southeast of Beijing, has been able to ease restrictions on the sale of housing in areas near the borders of Beijing and Xingang New Area, the state-run daily newspaper reported.

The Langfang property market has seen house prices fall for seven consecutive months through July.

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Reporting by Liangping Gao and Ryan Woo; Editing by Edwina Gibbs

Our standards: The Thomson Reuters Trust Principles.

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