East China’s city of Hangzhou on Thursday announced the removal of restrictions on the purchase of pre-owned homes, a significant policy shift aimed at revitalizing the local real estate sector.
Under the new policy, buyers of second-hand homes in Hangzhou will no longer need to prove their local household registration, known as “hukou,” or provide social security payment or tax records. This deregulation extends the number of properties one can buy, effectively lifting previous limits, and signals a full-scale relaxation aimed at boosting the market. Restrictions still apply to the purchase of new homes.
