In a strategic move to invigorate the property market, Beijing has announced a series of measures to ease home-buying restrictions. Effective Tuesday, the Chinese capital will lower the threshold for non-local residents seeking to purchase homes within the city’s downtown area.
According to a circular jointly issued on Monday night, non-Beijing residents will now be permitted to buy homes within the city’s fifth ring road if they have paid social insurance or individual income tax in Beijing for at least three years. This marks a significant reduction from the previous requirement of five years, making it more accessible for non-locals to invest in the city’s real estate market.
The new policies also address housing purchase restrictions in Tongzhou District, home to the Beijing Municipal Administrative Center. The district will align its home-buying rules with the city’s unified property market policy, effectively lifting previous limitations and promoting consistency across the capital’s real estate regulations.
These adjustments reflect the government’s efforts to stimulate economic growth by revitalizing the property sector, which plays a crucial role in China’s economy. By easing restrictions, Beijing aims to attract more investment and address housing demands from a broader population, including professionals and families seeking opportunities in the city.
Reference(s):
cgtn.com
