City market rose in early trade as the Shanghai announced cuts to the down-payment ratio, mortgage rates and offered subsidies to homebuyers and allowed multi-child families to buy one more home, as part of measures to boost the property market. But, investors digested the implications of the first property relaxation steps announced by a top-tier city, with much of the expectations already reflected in the prices. Investors were also awaiting the May data for manufacturing PMI, a leading economic indicator due later in the week.
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