Three Chinese cities lift house-buying curbs

At least three major Chinese cities last week removed restrictions on home buying, as the Asian giant gradually rolls back a crackdown on the property sector in a bid to revive its economy. Nanjing, the provincial capital of affluent Jiangsu province, said it would let people buy flats without proof of eligibility in four districts, effectively easing its last restrictions on home purchases. These announcements come on the heels of a series of nationwide support measures for the property sector, including lower mortgage rates for first-time homebuyers. China's debt-riddled property sector accounts for one-quarter of the state's economic activity. It had been on a downward spiral since 2021 when the government moved to stop developers from accumulating debt.