Key facts
- Beijing has reduced the social security tax payment requirement for non-local families to one year from two for purchasing homes.
- Families with multiple children registered in Beijing can now buy up to three homes within the Fifth Ring Road.
- Non-local residents need two consecutive years of social insurance or income tax payments to buy homes inside the Fifth Ring Road, down from three.
- The minimum down payment for second-home buyers using housing provident fund loans has been lowered to 25% from 30%.
- New home prices in Beijing have experienced a month-on-month decline.
Beijing has further eased its homebuying restrictions, a move aimed at stimulating demand in the capital's struggling property market. Non-local families now only need to demonstrate one year of social security tax payments, a reduction from the previous two-year requirement, to purchase homes in the city. This policy adjustment follows earlier measures in August that removed purchase limits in suburban areas and comes as new home prices continue to decline.
Additional relaxations include allowing families with multiple children registered in Beijing to purchase up to three homes within the Fifth Ring Road, while non-local residents meeting the tax payment criteria can buy two homes within this central area. The minimum down payment for second-home buyers utilizing the housing provident fund has also been reduced from 30% to 25%.
These measures are being implemented amid a broader effort by Chinese authorities to stabilize the real estate sector, which has been facing significant challenges, including falling prices and developer defaults. Experts suggest that prices will only truly stabilize when the number of listed pre-owned homes decreases significantly.