Beijing eases housing restrictions to stabilize property sector

Beijing has introduced a new policy package to relax home-buying curbs in a bid to stabilize its property market and unleash pent-up demand, reports Caixin.

Under the revised rules, the required period for social insurance or individual income tax payment records in Beijing for non-local families to buy homes within the Fifth Ring Road—a major highway encircling the city’s central districts—is reduced from two years to one year.

Eligible non-local families can only buy one home within the Fifth Ring Road or two homes if they have two or more children, while home purchases outside the Fifth Ring Road remain unrestricted.