Changzhou, an affluent city in China’s eastern Jiangsu province, has eased restrictions on the resale of residential property, joining several Tier-2 cities in easing curbs to boost demand and breathe life into the struggling market, reports the South China Morning Post. The change means owners can now put their house on the market once they have obtained their Real Property Ownership Certificate, rather than having to wait two years after purchase, according to a statement by the city’s housing bureau on Tuesday.
Homeowners usually have to wait between three and six months to receive their certificate, meaning the time limit is cut by at least 18 months in most cases. The measure came into force on February 15, the statement said.
Changzhou’s gross domestic product (GDP) per capita reached RMB 178,243 ($25,711) in 2022, twice the average in mainland China, according to the city government’s official website.
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