Beijing Eases Home Purchase Rules to Stimulate Demand, Reports Reuters

Beijing has decided to ease its restrictions on home purchases, following similar actions taken by Shanghai and Shenzhen. This move aims to stimulate demand and support the waning property market.

The city will lower the minimum down payment requirement for first-time homebuyers to 15%, while those purchasing a second home will face a minimum down payment of 20%, according to a statement from the city’s Commission of Housing and Urban-Rural Development.

Additionally, the city will relax restrictions for non-local buyers by reducing the required duration for continuous social insurance or income tax payments in central areas from five years to three years.