Beijing has announced new measures aimed at revitalizing its property market by easing home-buying restrictions for non-locals. Starting Tuesday, non-Beijing residents will find it easier to purchase homes within the city's fifth ring road.
Previously, non-residents were required to have a history of paying social insurance or individual income tax in Beijing for at least five years to qualify for property purchases in downtown areas. The new policy reduces this requirement to three years, making it more accessible for a broader range of buyers.
Additionally, the updated regulations lift housing purchase restrictions in the Tongzhou District, which hosts the Beijing Municipal Administrative Center. This move ensures that Tongzhou's homebuying rules align with the unified property market policies of the entire city.
These changes are part of Beijing's strategy to stimulate the real estate market and provide more opportunities for individuals looking to invest in the city's vibrant property sector.
Reference(s):
cgtn.com
