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hinese property shares surged on Monday after three major cities relaxed homebuying curbs, following a central government effort to prop up the struggling real estate sector. Shanghai, Shenzhen, and Guangzhou eased restrictions, allowing more people to purchase homes in suburban areas and lowering minimum downpayment ratios for first and second homes.

    The moves come days after the government announced its largest package yet to end the prolonged property slump that's been dragging on economic growth. Top leaders pledged action to stabilize the sector, with the Politburo vowing to "stop declining" prices of new homes, which fell in August at their fastest pace since 2014.

    The central bank also said it will allow refinancing of mortgages, a move expected to lower borrowing costs for millions of families. Homeowners can renegotiate terms with their current lenders starting November 1, and those who chose fixed mortgage rates can refinance new loans based on the latest loan prime rate.

    Analysts say while the policies may ease potential price declines, they are unlikely to turn property prices around. The government's urgency to stem a housing-led slowdown in Asia's largest economy is underscored by its decision to refinance existing mortgages, which will slash outstanding rates for individual borrowers by an average of 50 basis points.

    The central bank's re-lending program for state-owned firms to acquire unsold property inventories will also be expanded. However, analysts warn that the property market still faces headwinds and may take time to recover despite the government's efforts.