Beijing Eases Home-Buying Restrictions Amid Falling Prices

Beijing's authorities have reduced the restrictions on home purchases to increase demand due to declining prices. Now, non-local residents who have paid income tax for one year can buy homes. Families with more than one child can acquire an additional home in downtown Beijing.

In a bid to combat declining real estate prices, Beijing's local government has relaxed its home-buying restrictions.

The revised policy allows non-local residents, who have completed one year of consecutive income tax payments, to purchase homes in the capital. This is a revision from the previous two-year requirement.

Additionally, families with more than one child are now permitted to buy an extra home in downtown Beijing, as stated by municipal housing authorities on Wednesday.

(With inputs from agencies.)