Beijing eases home purchase rules to boost demand
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An overview shows apartment buildings in Xuchang, Henan province, China, December 14, 2018. Picture taken December 14, 2018. REUTERS/Yawen Chen/File Photo
BEIJING (Reuters) - Beijing relaxed restrictions on home buying on Monday, following similar moves by Shanghai and Shenzhen, in a bid to boost demand and prop up the struggling property market.
Beijing will lower the mininum down payment ratio for first-time homebuyers to no less than 15%, while second home buyers would enjoy a minimum down payment of 20%, the city's Commission of Housing and Urban-Rural Development said in a statement.
It would also ease restrictions on home purchases by non-local buyers, lowering the requirement for continuous social insurance or income tax payments in the city to three years in central areas, down from the previous threshold of five years.
(Reporting by Ethan Wang, Liangping Gao and Ryan Woo; Editing by Toby Chopra)
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