East China's vibrant city of Hangzhou has taken a significant step to invigorate its real estate market by removing all restrictions on new housing purchases. This groundbreaking policy shift opens the doors for a broader range of people to invest in Hangzhou's booming property sector.
Under the new regulations, prospective buyers no longer need to undergo strict qualifications to purchase new homes within the city. Additionally, non-city householders who have acquired property in Hangzhou are now eligible to apply for Hukou, granting them permanent local residency. This residency provides access to essential welfare and public services, enhancing the overall living experience in the city.
The policy also offers favorable conditions for first-time homebuyers. Individuals who do not own a home in the urban area where they are purchasing or have only one home up for sale may qualify for lower mortgage rates on their new properties. This initiative is designed to make homeownership more attainable and stimulate further growth in the housing market.
This move aligns with China's 2024 government work report, which advocates for the accelerated introduction of a new real estate development model. The emphasis is on high quality, innovative technology, and superior services, reflecting major shifts in supply-demand dynamics within the market.
In support of these changes, Chinese Premier Li Qiang chaired a State Council executive meeting in March. During this meeting, key discussions revolved around optimizing real estate policies, ensuring the timely delivery of housing projects, and enhancing real estate financing coordination mechanisms to produce tangible results. These measures collectively aim to create a more dynamic and resilient real estate environment in Hangzhou and beyond.
Reference(s):
cgtn.com
