The Beijing Daily reported on Tuesday that the Chinese city has dropped all restrictions on home purchases in order to boost buyer interest, the first Chinese city to publicly make such an announcement since the onset of the country's property crisis last year.
The city of 5.5 million people has urged banks to cut minimum down payments for housing provident funds that were used to help fund home purchases.
The threat of home buyers to stop paying mortgages for unfinished projects has corroborated sentiment in the sector due to the debt woes at many of the nation's property developers. According to a private survey, China's new home prices and sales volumes fell in July from a month earlier.
There are hundreds of Chinese cities that have taken measures to boost demand, relax curbs, and reduce payment requirements this year. Non-residents can be hampered by restrictions on purchases introduced by Langfang in 2017 and restrictions on non-residents buying homes.
The state-backed daily said that Langfang in Hebei province, about 60 kilometres southeast of Beijing, has loosened restrictions on selling homes in areas close to its borders with Beijing and Xiongan New Area.
The property market in Langfang has seen home prices fall for seven straight months through July.