Hangzhou Lifts All Home Purchase Restrictions Today to Combat Property Crisis

May 9, 2024, 03:29 AM

Hangzhou, a major city in eastern China, has lifted all home purchase restrictions, effective immediately as of today. This move by the city's housing authority is part of a broader strategy to alleviate the ongoing property crisis in the region. Hangzhou, known as a startup hub and a Tier-2 city with a strong technological sector, has home prices that compete with major cities like Beijing and Shanghai. The relaxation of these curbs is seen as an aggressive easing measure by local government to rejuvenate the real estate market.