AsianFin -- Shanghai, China’s financial hub, loosened home-purchase restrictions on Monday, marking the latest step in Beijing’s push to stabilize the nation’s struggling property market.
Under the new policy, eligible residents — including non-locals — can buy an unlimited number of homes in outer suburban districts. In addition, non-residents who have contributed to Shanghai’s pension system for at least three years are now permitted to purchase newly built homes in urban areas, instead of being limited to secondhand properties.
The easing underscores Beijing’s efforts to revive a housing sector mired in a four-year slump, which has weighed heavily on the broader economy despite a wave of stimulus measures rolled out since last September. Authorities are also racing to shore up domestic demand as U.S. tariffs pose fresh threats to exports.
Premier Li Qiang last week called for stronger action to halt the property downturn at a State Council meeting, reiterating commitments first made at the National People’s Congress in March to “fully unleash” end-user demand.
Shanghai’s move follows Beijing’s early-August decision to allow eligible buyers to purchase an unlimited number of homes outside the city’s fifth ring road, a zone widely considered suburban.
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