Beijing and Shanghai Ease Mortgage Rules for More Buyers to Spur Sales

(Bloomberg) — Beijing and Shanghai lowered mortgage requirements for some homebuyers following guidance from the central government, lowering barriers to property ownership in some of the country's most prized locations.

Both megacities will no longer disqualify people who’ve previously had a mortgage — even if fully repaid — from being considered first-home buyers as long as they don’t presently own property, according to separate statements from the city governments. That would make such buyers eligible for smaller down payment requirements and lower mortgage rates.