Beijing eases new homebuying rules to boost property market

In a fresh move to boost the property market, the Beijing Municipal Housing and Urban-Rural Development Committee and Beijing Housing Provident Fund Management Center on Friday jointly announced a relaxation in homebuying rules in China's capital.

Beijing residents and non-Beijing residents who have a record of paying social insurance or individual income tax in the city for at least two years will be allowed to purchase homes outside the city's fifth ring road without any limit on the number of units.

The new rules also strengthen support for housing provident fund loans by increasing the upper limit for second-home PF loans from 600,000 yuan to 1 million yuan. In addition, the minimum down-payment ratio for second-home purchases will be unified at no less than 30 percent, eliminating the previous distinction between properties located inside and outside the fifth ring road.

The new measures will take effect on August 9, marking the second round of policy optimization since last September. This latest adjustment underscores Beijing's continued efforts to refine its real estate regulations in response to evolving market conditions.

(Cover via VCG)