In a significant move to invigorate its property market, Beijing announced on Monday the easing of homebuying restrictions. The new policies aim to lower the threshold for non-Beijing residents to purchase real estate in the downtown area.
Effective from Tuesday, non-Beijing residents will be allowed to buy homes within the city's fifth ring road if they have a record of paying social insurance or individual income tax in the city for at least three years—a reduction from the previous requirement of five years. This change is expected to make it easier for non-locals to invest in the capital's property market.
The policy changes were detailed in a circular jointly issued on Monday night. In addition to easing restrictions for non-locals, the new policies will lift housing purchase restrictions in Tongzhou District, where the Beijing Municipal Administrative Center is located. This adjustment aligns Tongzhou's homebuying rules with the city's unified property market policy.
Reference(s):
cgtn.com
