At 11.12 pm in Shenzhen on Sunday, China’s least affordable city eased rules for home buyers. Less than an hour later, the first batch of prospective customers showed up at a sales centre for a suburban project by local developer Excellence Group.

The burst of excitement came as China’s so-called tier-one cities further relaxed restrictions for home buying, following through on central government calls to prop up the embattled property sector. Policymakers are betting that a recovery in megacities will spread nationwide, reviving confidence in Asia’s largest economy.

Bloomberg