Nanjing sees spike in home listings after easing restrictions

China

Nanjing sees spike in home listings after easing restrictions

2025-04-03 15:57 Last Updated At：16:37

Nanjing City in east China's Jiangsu Province has seen a surge in housing listings after easing commodity housing restrictions on Monday, as part of broader efforts to revitalize the local property market.

Under the revised rule, commodity housing units can be listed for sale immediately after the owner obtains a real estate registration certificate. As a result, homeowners have rushed to put their properties on the market.

A local real estate agency has noted a surge in property listings entering the system. Though information such as price, area, and location is available currently, photos of housing details have yet to be taken and uploaded.

"Basically, there are relatively more listings in districts like Jiangning, Qixia, and Pukou, while the number of listings in the downtown area is comparatively lower. Taxes and fees still apply; it's just that sales restrictions have been lifted," said Ye Xiaochao, a staff member from a housing agency in Nanjing City.

According to data from a local real estate agency, the city saw 3,114 new listings on Monday, compared to the usual daily average of around 850.

Industry experts believe that in the long run, lifting sales restrictions will enhance market liquidity and activity, contributing to more stable housing price expectations. At the same time, Nanjing has announced an expanded scope for housing provident funds, allowing eligible parents and children of homebuyers to apply their accounts toward financing a property purchase.

This expanded policy for withdrawing housing provident funds to cover a home's down payment now includes the buyer's parents and children, extending eligibility beyond just the homebuyer and spouse.

When purchasing a property, priority is given to withdrawing funds from the accounts of the buyer and spouse. If the combined balances in both accounts are insufficient, the buyer's parents' or children's account balances can then be utilized.

Trump extends ceasefire; Iran vows military response to naval blockade

U.S. President Donald Trump said Tuesday he will extend the two-week ceasefire with Iran that was set to expire on Wednesday night (midnight GMT Tuesday).

"Based on the fact that the Government of Iran is seriously fractured, not unexpectedly so and, upon the request of Field Marshal Asim Munir, and Prime Minister Shehbaz Sharif, of Pakistan, we have been asked to hold our Attack on the Country of Iran until such time as their leaders and representatives can come up with a unified proposal," Trump wrote on Truth Social.

The U.S. president said he will "extend the ceasefire until such time as their proposal is submitted, and discussions are concluded, one way or the other."

The U.S. military will continue the blockade against Iran and "remain ready and able," according to Trump.

Iranian Foreign Minister Seyed Abbas Araghchi said in a post on X Tuesday that the U.S. blockade of Iranian ports is "an act of war and thus a violation of the ceasefire" and attacking Iranian merchant ships and detaining their crew members were even more serious violations.

"Iran knows how to neutralize restrictions, how to defend its interests, and how to resist bullying," Araghchi wrote in his post.

Mehdi Mohammadi, an advisor to Iran's parliament speaker Mohammad Bagher Ghalibaf, also said the U.S. blockade must be met with a military response, dismissing Trump's ceasefire extension announcement as "meaningless".

"Extending the ceasefire by Trump has no meaning. The losing side cannot dictate terms. Continuing the blockade is no different from bombing and must be met with a military response. Moreover, any extension of the ceasefire by Trump is certainly a way to buy time for a surprise attack. Now is the time for Iran to take the initiative," Mohammadi posted on X.