Nanjing, the capital city of Jiangsu province, has ended its housing purchase restrictions, signalling the latest move by local governments to shore up China’s housing market.
Nanjing municipal government said buyers were no longer required to produce new homebuyer certificates before they could buy homes in the city. There are only six cities left in China -- Beijing, Shanghai, Guangzhou, Shenzhen, Sanya and Zhuhai -- that still restrict people from buying houses.
Floor space sold in Nanjing dropped 34 per cent during the first eight months of 2014.
House prices have declined across the board during the first eight months of the year, including in tier one major cities like Beijing and Shanghai. House prices dropped one per cent in tier one cities last month, an unprecedented result following years of skyrocketing increases.