Date
11 December 2017
Hohhot is easing restrictions on home purchases after three straight months of flatlining sales. Photo: cps.com.cn
Hohhot is easing restrictions on home purchases after three straight months of flatlining sales. Photo: cps.com.cn

Hohhot leads way in scrapping property curbs

The Inner Mongolian capital of Hohhot has reissued an announcement on the relaxation of home purchase restrictions, making it the first in the country to officially ease the curbs, Caijing reported Friday.

The municipal government said it will no longer demand that homebuyers present their property ownership records, effectively freeing them from limits on buying more than one home.

The curbs will also be lifted on the secondary market, the city clarified in the statement Friday.

The announcement was first posted on the city government’s website on June 20 and pulled due to printing errors, according to media reports.

The city’s new-home prices have flatlined for three straight months since March, and other cities, including Nanning in Guangxi and Wuxi in Jiangsu, have taken similar action but have not gone as far as Hohhot.

Hohhot, home to 3 million people, has 120,000 unsold new homes, according to data from Centaline Property, enough to meet the city’s needs for a decade.

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SK

Freelance journalist

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