Hangzhou eases restrictions on home purchases

The eastern Chinese city of Hangzhou on Monday became the latest region to ease home purchase restrictions.

Hangzhou will lift the ban on buying a second home in Xiaoshan and Yuhang districts starting Tuesday, according to Hangzhou Housing Security and Management Bureau.

The ban is also lifted for buyers purchasing a house more than 140 square meters in downtown areas, according to the bureau.

So far, around 20 regions, mostly second- and third-tier cities where inventories are high, have lifted or eased bans on ownership of more than one home, imposed in early 2011 as a tool to cool the property market.

Back then, more than 40 cities made use of the limits along with other measures, including higher mortgage rates and bigger downpayments on second homes. Three years ago, high home prices were among the top complaints of urban residents.