Chinese cities ease mortgage rules to revive property sector

BEIJING (Reuters) – Major Chinese cities have said they will allow people to take preferential loans for first-home purchases regardless of their credit records, in the latest move to help revive an embattled property sector.

Cities including Shenzhen, Guangzhou and Wuhan have made announcements easing mortgage requirements, following central bank guidance last Friday.

Separately, the eastern province of Jiangsu on late Thursday announced policies to reduce the downpayment ratio for first-home purchase and cut mortgage rates for those buying for the first or second time.

The province will also ease other mortgage conditions, according to a state-backed local media.

(Reporting by Ella Cao, Liangping Gao and Liz Lee; Editing by Christian Schmollinger)