China’s Suzhou Does Away With All Home-Buying Limits
Zheng Na
DATE:  Jan 30 2024
/ SOURCE:  Yicai
China’s Suzhou Does Away With All Home-Buying Limits China’s Suzhou Does Away With All Home-Buying Limits

(Yicai) Jan. 30 -- Suzhou today lifted all restrictions on home purchases in the second-tier Chinese city west of Shanghai, allowing residents to buy as many as they can afford.

Suzhou’s housing and urban-rural development bureau will no longer review the eligibility of those residents who want to buy new or pre-owned homes, an official told Yicai, though buyers of new properties will still not be allowed to sell them for two years.

The city last relaxed its housing policy in September amid sluggish property market sales. It then permitted individuals to buy a maximum of three homes of no more than 120 square meters each. Bigger homes were free of limits.

Shanghai also eased its housing policy today. Non-local residents who have paid social security or personal income taxes in the city for more than five years will be allowed to buy one house outside of the outer ring expressway, regardless of whether they are married or not. Before this change, only non-local residents who were married were allowed to buy in the metropolis. 

The Ministry of Housing and Urban-Rural Development reiterated at a meeting last week that China needs to give cities full autonomy to adjust their housing policies based on local market conditions.

On Jan. 27, Guangzhou announced that it would scrap all purchase limits on houses of 120 sqm or more, making it the maiden first-tier city to remove the rule on large homes. Industry insiders expect more first-tier cities to follow suit.

The cases of Guangzhou and Suzhou show that China will comprehensively relax property market restrictions this year, enabling a recovery, according to Yan Yuejin, research director of think tank E-House China Research and Development Institution.

Editors: Dou Shicong, Emmi Laine

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Keywords:   Suzhou,Property Policy,second-tier city,Guangzhou,home buying,housing sales