Shenzhen Eases Homebuying Conditions

Shenzhen, one of the first-tier cities in China, lowered the threshold for non-local homebuyers by easing the requirement of tax and social insurance payments to three from five years on Wednesday to further stimulate demand as the market remains inactive to previous relaxations, 21st Century Business Herald reported. The authority also scrapped the tax and social insurance requirements for local residents but kept the purchase limit of two houses for families and one for singles. The policy intensity seems limited to attract more purchasing power, said an unnamed developer in the city. While some analysts think the effectiveness of the policy may appear after the New Year holiday when most citizens return from their home towns.