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City governments can have leeway on whether to adopt the policy, according to the notice.

The southwestern Chinese city of Dali has become a haven for digital nomads and others seeking a carefree lifestyle.

Manufacturing is leaving China for cheaper countries. To survive, Chinese factories are trying to create their own global brands to sell their goods.

Beijing’s insistence on housing being for living in rather than speculation suggests a bailout for the sector is not forthcoming. Instead, there needs to be a focus on managing risks in the short term, finding new growth engines in the medium term and eventually reshaping the housing market.

Buyers are not impressed with the scant relief offered so far and remain determined not to pay for unfinished homes, leaving the property market and the wider financial system at risk, analysts say.