China's Guangzhou offers homebuying incentives to support property market

Guangzhou, a megacity in China's Guangdong province, has released guidelines to support the property market. Homebuyers in the city are eligible to take out more mortgages under the country's housing provident fund programme. A subsidy of up to 30,000 yuan per housing unit is introduced for residents buying a new home and selling an old one within a year. The guidelines also aim to protect homebuyers' rights and reduce unsold housing stock.