Beijing's Bold Move to Stimulate the Property Market

In a significant push to rejuvenate the sluggish property market, Beijing has announced the relaxation of housing purchase restrictions, as reported by state broadcaster CCTV on Friday.

Key Changes Effective August 9: Households residing outside the city's Fifth Ring Road will no longer be constrained by limits on the number of homes they can purchase. Additionally, the minimum down payment ratio for second homes financed through housing provident fund loans has been reduced to no less than 30%.

Enhanced Loan Accessibility: The ceiling for such loans on second-home acquisitions has been elevated from 600,000 yuan to a more substantial 1 million yuan, thereby facilitating greater access to affordable financing options for prospective buyers.