Shenzhen Broadens Home Purchase Eligibility to Prop Up Sales

What’s new: Shenzhen, one of China’s most expensive megacities, relaxed housing restrictions to allow more people to buy a home in the city, in the latest effort by a local government to bolster the ailing property market.

The city government issued a notice on Wednesday stating that residents with local household registration, or hukou, will no longer be required to pay personal income taxes and social insurance for three consecutive years to buy a home. Additionally, the city reduced tax and social insurance payment requirements for migrant workers to be eligible for home purchase from five years to three years.