Three Chinese megacities on Monday eased restrictions on buying homes and Beijing's central bank said it would ask financial institutions to lower mortgage rates, as the country seeks to pull itself out of a housing slump.

Three Chinese megacities on Monday eased restrictions on buying homes and Beijing's central bank said it would ask financial institutions to lower mortgage rates, as the country seeks to pull itself out of a housing slump.

Three Chinese megacities on Monday (Sep 30) eased restrictions on buying homes and Beijing's central bank said it would ask financial institutions to lower mortgage rates, as the country seeks to pull itself out of a housing slump. The measures are the latest in a raft of pledges out of Beijing since last

Three major Chinese cities have eased home-buying restrictions and the central bank plans to lower mortgage rates to revive the housing market. The measures aim to boost the economy, which faces a housing slump and slow domestic consumption. Analysts remain cautious about their overall impact on economic growth.

Shares of Chinese property developers rallied on Monday, fueled by easing homebuying measures, following authorities' blitz of policy stimulus last week.