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International Business Times

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Isabel Kua with Luna Lin

China Megacities Ease Homebuying Rules To Boost Property Market

China Yan Yuejin Beijing Economy Xinhua

China's teetering real estate market long accounted for around a quarter of its economy and experienced dazzling growth for two decades (Credit: AFP)

Three Chinese megacities on Monday eased restrictions on buying homes and Beijing's central bank said it would ask financial institutions to lower mortgage rates, as the country seeks to pull itself out of a housing slump.

The measures are the latest in a raft of pledges out of Beijing since last week aimed at kickstarting the world's number two economy.

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