China's Beijing, Shanghai ease mortgage rules for first-time home buyers

China's Beijing and Shanghai on Friday announced that they would allow home buyers to enjoy preferential loans for first-home purchases regardless of their previous credit records.

The capital city of Beijing would implement the eased rules immediately, while the financial hub of Shanghai scheduled the change for Saturday, according to local authorities of the two megacities, as China ramps up efforts to revive its property market.

That means all of China's first-tier cities have broadened the definition of first-home mortgage.

Earlier this week, Guangzhou, China's fifth biggest city, and the tech hub of Shenzhen opted to ease mortgage rules for first-time home buyers.