China Seen Loosening Tight Grip on Real Estate: Yicai

China is likely to ease its "strictest and severest policies" on the property industry and instead seek to stabilize expectations, Yicai.com said citing industry watchers. The authorities are likely to modify credit lending policies to developers and mortgage borrowers, Yicai said citing Bank of China Securities. Yicai commented following reports that the north-eastern city Harbin introduced bonuses and other incentives to entice buyers as the local authorities struggled to arrest a sinking market. Lenders in other cities including Guangzhou and Foshan also cut mortgage rates for first and second-time buyers, Yicai said.