Shenzhen Lowers Homebuying Thresholds In Some Districts

Tier-one city Shenzhen lowered homebuying thresholds in seven non-core districts on Monday following Beijing’s move to relax home purchase limits in suburban areas late April, cls.cn reported. Homebuyers without local residency will have homebuying qualifications if they have paid one year of income tax or social security, compared to the previous three-year requirement. While local families with more than two minor children are allowed to purchase an additional house in those districts. Housing inventories remain high in those districts and home prices continue to fall, pressuring surrounding second-hand housing prices and accelerating market decline, the news agency noted.