China Eases Mortgage Rules in New Move to Boost Economy

China has announced further mortgage easing policies nationwide to boost its slumping economy, especially the residential property market.

Xinhua news agency reported that Beijing is proposing that it will allow local governments to scrap a rule that disqualifies people who have ever had a mortgage, even if it has been fully paid, from being considered a first-time buyer in major cities.

The measure came after the latest development in the property market that saw one of its biggest property developers Country Garden flagging for its first-ever default.