Chengdu Further Relaxes Mortgage Rules to Spur Home Sales

Chengdu, the fourth-largest city in China with more than 21.4 million residents, has intensified efforts to increase house sales amid a prolonged slump

Chengdu, the capital of southwest China’s Sichuan province, has further relaxed its mortgage rules expanding eligibility for first-time homebuyers.

The move, unveiled on Monday by the city’s housing authority, will allow more people to benefit from lower down payments and is its latest effort to arrest a persistent property downturn.

Starting Tuesday, homebuyers in Chengdu will be recognized as first-time buyers if they do not have registered property ownership in the same district, according to the document. Those who own a property, but have it listed for sale can also enjoy the benefits of a first-time buyer when buying a second property in the same district, it said.