Chinese Megacities Ease Mortgage Rules for First-Home Buyers

Two of China’s most expensive megacities eased definitions of first-home buyers to enable more people to take advantage of lower mortgage rates and down payments.

Guangzhou and Shenzhen, two first-tier cities in southern China’s Guangdong province, said they would define first-time homebuyers as those who don’t own housing under their name in the city regardless of whether they borrowed to buy housing in any other city.