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China lifts 13-year freeze on multiple home ownership to revive real estate market

China lifts 13-year freeze on multiple home ownership to revive real estate market

Posted on May 3, 2024   |  

China has eased regulations on purchasing multiple homes after a 13-year hiatus in a bid to revitalize a sluggish property market.

Families who have already reached ownership limits are now allowed to buy an additional home beyond Beijing’s fifth ring road.

This decision comes amidst a significant downturn in China's real estate sector, with plummeting sales and struggling real estate firms.

Unmarried individuals holding a Beijing hukou or non-hukou holders meeting specific criteria are now eligible to purchase a second property in the region.

April witnessed a 44.9% year-on-year decline in new home sales by the top 100 Chinese developers, amounting to 312.2 billion yuan.

The property market downturn was triggered by a crackdown on excessive borrowing, leading to defaults by several developers, including Country Garden and China Evergrande.

These regulatory changes aim to address the challenges faced by the real estate market and stimulate growth in China's property sector.



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