China’s Shenzhen Relaxes Home Buying Rules to Boost Demand

China’s tech hub of Shenzhen will ease home buying restrictions in the city’s prime districts and raise housing provident fund loan caps in the latest attempt by authorities to contain the nation’s prolonged property slump.

Non-local households with a valid residence permit will be allowed to buy one commercial home in Futian, Nanshan and Xin’an Subdistrict of Bao’an starting from April 30, according to a statement from the local housing authority released on Wednesday. Previously in these prime areas, buyers need to have paid social security or individual tax for a year to become eligible for homebuying.