Henan province's latest attempt to urge banks to offer steep mortgage discounts for more loosely defined first-time homebuyers is a fresh sign that local governments around China are looking for ways to rekindle the property market.

Given their dependence on land and property sales for much of their revenue in recent years, local officials' desire to restart a property boom is understandable.

This is particularly true of less-developed areas such as Henan where the average price-to-income ratio for houses has never reached the jaw-dropping levels of Beijing and Shanghai.