TWO major cities in eastern China lifted all curbs on home purchases and selling yesterday, joining several other cities in dropping restrictions to attract buyers and revive the property market.

Jinan and Qingdao, two of the largest cities in China’s second-most populous province of Shandong, said homes in all areas are allowed to be put on the market, according to a government statement and a local media report.

Qingdao previously limited the number of homes that could be purchased in two districts. Jinan had similar measures.

Last week, three cities — Nanjing in eastern Jiangsu Province and Dalian and Shenyang in northeastern Liaoning Province — became the first cities to eliminate curbs on home buying.

The moves were part of broader support measures for the property market, which accounts for a quarter of China’s economy. The measures include cuts in interest rates on existing mortgages by regulators including the housing ministry, central bank and financial regulator.

China’s property sector has been in a tailspin since 2021 when the government issued strict rules to stop indebted developers from accumulating even more debt. (SD-Agencies)