Shanghai has issued new measures to make it easier for people to buy their second homes in a bid to help its ailing property market.

Shanghai citizens will now be allowed to buy second homes on the same preferential mortgage terms enjoyed by those buying their first homes, the city government said in an announcement posted on its official website ( on Sunday.

It did not place any restrictions on what kind of families can enjoy the favourable terms, a further relaxation from a State Council announcement earlier this month, which said that the lower rates would only be given to families whose per capita living area is smaller than the local average.

South China Morning Post