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One of China’s wealthiest cities said Thursday it would lift all restrictions on buying homes, joining a growing list of urban areas rolling back curbs as they look to prop up the faltering property market.<\/p>\n Many Chinese cities imposed restrictions and tough credit requirements on home purchases well over a decade ago in an effort to tamp down soaring prices and rampant speculation.<\/p>\n 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 falling prices.<\/p>\n The eastern city of Hangzhou — home to 12.5 million people — said Thursday it had ditched all purchase restrictions “to promote the (market’s) stable and healthy development”.<\/p>\n “From the date of issuance… those who buy lodgings within the bounds of this city will no longer have their purchasing qualifications reviewed,” it said.<\/p>\n Hangzhou, a major innovation hub home to tech giants such as Alibaba, is one of the most desirable and expensive places to buy property in China.<\/p>\n The announcement quickly racked up more than 150 million views on social media site Weibo, where many users were doubtful the policy would make any difference.<\/p>\n “With Hangzhou’s house prices, what’s the point of cancelling buying restrictions? I still can’t afford it,” wrote one commenter.<\/p>\n Bill Bishop, the publisher of the influential Sinocism newsletter, called the move “a sign of desperation”.<\/p>\n “If this does not goose sales there will be more trouble as prices will have to adjust downward a lot,” he wrote on social media site X.<\/p>\n More than 20 cities have abolished home purchase restrictions since the beginning of last year, according to an AFP tally.<\/p>\n Chengdu in southwestern China said last month it would no longer look at prospective buyers’ household registration documents, social security and other conditions before greenlighting purchases.<\/p>\n Several of the biggest cities, including Beijing, Shanghai and Shenzhen, have partly lifted curbs but have resisted dumping them entirely.<\/p>\n Property and construction account for more than a quarter of China’s gross domestic product, but the sector has been under unprecedented strain since 2020.<\/p>\n That year, authorities tightened developers’ access to credit in a bid to reduce mounting debt.<\/p>\n Since then, major companies including Evergrande and Country Garden have teetered on bankruptcy, while falling prices have dissuaded consumers from investing in property.<\/p>\n Measures introduced by the central government to support the sector have so far had little effect.<\/p>\n