China Steps Up Property Market Support With Shanghai Easing (1)

China’s financial hub of Shanghai eased home-buying rules in the latest attempt by authorities to contain the nation’s prolonged property crisis.

Eligible residents, including those from outside Shanghai, can now buy an unlimited number of homes in the outer suburbs, according to a statement Monday. Non-residents who have paid pensions for three years can now purchase new homes in urban areas, instead of only being allowed to buy existing residences there.

Shares of Chinese developers rallied earlier Monday on speculation that policymakers will unveil more steps to support the housing market. Stimulus measuresunveiled last September have done little to ...