Hangzhou has become the latest city here in China to ease home purchase restrictions¹.

The provincial² capital of Zhejiang is lifting its bans on buying a second home in the city's Xiaoshan and Yuhang districts, as well as restrictions on buying a house more than 140 square meters in the downtown.

Over 20 regions, mostly second- and third-tier cities, have lifted or eased their bans on ownership of more than one home.

The wide-ranging restrictions were first imposed in early 2011 designed to try to cool down soaring housing prices.

The latest stats show new home prices in 55 of the 70 major cities monitored in China have reported a month-on-month drop last month, compared with 35 in May.

The average home price in the 70 cities monitored have slipped by half a percent last month, marking a 2nd consecutive³ monthly decline in home prices.