SHANGHAI: Shanghai has relaxed rules on buying property in the city, as local governments across China aim to ease an agonising real estate crisis that is dragging on the economy.
The crisis in China 's vast property sector has been a major drag on the country's economy
But they are now reversing those policies in a bid to stem an economic slump characterised by a debt crisis among developers, low demand and The megacity also said it would reduce the minimum down payment for commercial housing mortgages to 20 per cent, as well as permit families with two or more children to buy an additional home.And the central government has moved in recent weeks to stem the crisis in the property and construction sector, which long accounted for a quarter of the gross domestic product.
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