China's major cities ease home-buying restrictions

Major Chinese cities are easing home-buying restrictions in an effort to stabilize the real estate sector. Beijing is the latest major city to implement these measures, announcing changes effective August 8. Under the new rules, non-local residents who have paid social insurance or personal income tax for one year—down from the previous two-year requirement—are eligible to purchase property within the city's fifth ring road. Additionally, families with multiple children are permitted to purchase an extra home, and borrowing limits from housing provident funds have been increased.

This move follows similar easing of restrictions in Shanghai, Shenzhen, and Guangzhou. In Shanghai, a seven-point policy package was introduced in late February to maintain stability in the residential property market. Analysts suggest that the relaxation of strict requirements in Beijing, a city historically known for its rigorous regulations, could signal the beginning of a broader recovery for China's real estate market.