China property: Suzhou, Shanghai and Guangzhou ease home-buying restrictions as policy support gathers pace
- Suzhou, in eastern Jiangsu province, is waiving its ‘eligibility check’, which would allow prospective buyers from anywhere in the country to own homes in the city
- In Shanghai, individuals who have paid income tax or social insurance for five years are eligible to buy one house in select districts regardless of their residency status
Suzhou, in eastern Jiangsu province, said this week that it would waive its “home buying eligibility check” for prospective buyers, which previously limited the number and location of houses an individual or a family could purchase in the city, based on their social insurance, personal income tax and residency status.
Buyers from across the nation will be allowed to buy both pre-owned and new homes in any of Suzhou’s six districts, the city’s housing department told the Post on Wednesday.
02:31
China GDP: Beijing’s long to-do list to boost its economy in 2024
“Waiving purchase eligibility checks is the biggest possible relaxation to existing restrictions,” said Yan Yuejin, director of Shanghai-based E-house China Research and Development Institute. “The new rule also amplifies and upgrades September’s 120-square-metre (1,290 sq ft) rule. Now, buyers can purchase houses of any size in Suzhou without any restrictions.”
The move comes as home prices in major Chinese cities fell at the fastest pace in nearly nine years in December. Prices of new homes in 70 medium and large cities eased 0.4 per cent month on month in December, following a 0.3 per cent decline in November, according to official data.