On October 2, 2024, at 11:12 p.m. in Shenzhen, China, the government implemented eased homebuying rules in its least affordable city. This decision was quickly followed by the arrival of prospective buyers at a sales center for a suburban project developed by Excellence Group.
This move comes as part of a broader strategy by Chinese authorities to relax restrictions in tier-1 cities, responding to central government calls to support the struggling property sector. Policymakers are optimistic that a recovery in major urban areas will catalyze a nationwide revival, aiming to restore confidence in Asia's largest economy.
The implications of these changes could be significant, as a revitalized property market may lead to increased economic activity and consumer confidence across the country.
Source: Bloomberg, October 2, 2024.