China's technology hub of Shenzhen has joined other major cities in easing home buying rules as authorities try to revive the beleaguered real estate market.
The southern city bordering Hong Kong loosened personal income tax and social-insurance payment requirements for home buyers in some districts, and said it would allow local families with two or more children to buy another home in some non-core districts.
The relaxation is the latest attempt to boost demand after Shenzhen in February lowered the home-buying threshold.
People can now purchase homes immediately after they get resident permits known as "hukou," rather than paying taxes for three years first.
China's home prices plunged in March at an even faster pace than the previous month, extending a three-year decline and making property one of the biggest drags on economic growth.
Housing sales in Shanzhen in the first two months of the year were about a third less than the peak for the same period of 2021.
In other news, troubled developer China Vanke (2202) has told some investors that it readied cash for an upcoming yuan bond payment, a move that may boost a firm that's faced concern about its liquidity amid a broader property debt crisis.
Vanke told some investors that it has readied cash to repay its 1.45 billion yuan (HK$1.57 billion) note due May 25, according to people familiar with the matter. Vanke has another offshore bond due this year, a US$600 million (HK$4.7 billion) bond that will mature on June 7.
Meanwhile, Poly Property (0119) said its April contracted property sales amounted to 5.6 billion yuan, 11 percent lower than one year ago. Also, Agile (3383) saw its presale value slump 68 percent to 1.19 billion yuan in April.
