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hina's housing slump has become a major obstacle to economic growth, with the real estate sector accounting for around a quarter of the country's economy. To address this issue, three megacities - Guangzhou, Shenzhen, and Shanghai - have announced measures to ease homebuying restrictions. As of September 30, potential buyers in Guangzhou will no longer face qualification reviews or limits on how many homes they can purchase. Shenzhen has also relaxed purchasing restrictions by removing the review process for homebuyers. Meanwhile, Shanghai is reducing taxes and down payments for some homebuyers.

    China's central bank has asked financial institutions to lower mortgage rates on existing loans to alleviate financial burdens on property owners. This move comes as part of a broader effort to boost the economy, with the government aiming for around 5% growth this year - a target that analysts consider optimistic given the challenges facing China's economy.