CHENGDU, a major city in south-west China, removed home-buying curbs, joining dozens of peers in the country in an attempt to revive real estate demand and boost economic growth. 

The capital city of Sichuan province will no longer review home buyers’ qualification for real estate purchase starting from Apr 29, according to a statement from the housing authority on Sunday (Apr 28). Authorities in the city that has a population of over 20 million will work to meet reasonable financing needs of all types of property companies, it said in an announcement posted on the local regulator’s official WeChat account.

As China’s real estate slump enters a fourth year, it is weighing down on economic growth and denting consumer confidence. Chinese cities including Nanjing, Hefei and Suzhou have previously removed various limits on home-buying with more than two dozen other cities relaxing measures curbing demand. 

Home sales in the country tanked and prices plunged in March at an even faster annual pace than the previous month, extending a three-year decline. Bloomberg Economics expects the sector to account for just 16 per cent of China’s economy by 2026, from a peak of 24 per cent before the slump. The nation’s housing minister said in early March that China still faces a “severe task” in stabilising the market. 

The authorities in Chengdu will also support simultaneous sales of parking spaces and residences, and rationally set the planning ratio of parking spaces for newly transferred residential land, according to the statement. BLOOMBERG