Tianjin is expected to relax home purchase restrictions to boost demand amid a cooling property market, Beijing Business Post reported Wednesday, citing unnamed sources.
Registered residents will be allowed to buy a third home bigger than 144 square meters in the city center or 90 sq. m. in the suburbs. Companies registered locally and non-local residents will no longer be subject to any restrictions, the report said.
The municipal government of this northern Chinese metropolis heavily relies on land sales which account for more than 60 percent of fiscal revenue.
Property transactions in Tianjin have fallen sharply over the past few months, especially in the Binhai area where supply outstrips demand, the report said, citing Chen Guoqiang, a professor at Peking University.
There are concerns the central government will roll back the measures after Nanning in southern Guangxi region and Tongling in central Anhui province earlier loosened purchase restrictions purportedly to save the market, Chen said.
If Tianjin’s relaxed policy succeeds, more cities are expected to announce their own property easing measures, the report said.
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