Shenzhen made major adjustments to home buying rules yesterday in a bid to help boost home sales and stabilize the city's real estate market.
According to a notice issued by the city's housing authority, the residency duration requirement for residents with hukou (permanent residency permit) will be canceled and requirements for paying personal income tax and participating in social security for a certain period of time will also be removed.
A household that has at least one hukou holder can purchase up to two homes while a single adult with a hukou (including divorcees) can purchase one apartment.
Families without a hukou-holding member and single individuals (including divorcees) without hokou, who can provide proof of continuous payment of personal income tax or social security in the city for the previous three years, can each purchase one apartment.
The new policy is effective from the date of issuance.
