Southern China's Guangzhou relaxed its restrictions on the purchasing of large houses for people coming from Hong Kong, Macao, Taiwan, and overseas regions to boost the local real estate market.
After a policy adjustment last week, non-local buyers no longer have limits on the number of houses bigger than 120 square meters they can acquire, reported Guangzhou Daily. Moreover, they are allowed to buy one smaller home in a restricted area. Before this, non-locals were permitted to purchase only one home in the city in an attempt to prevent speculation.
Based on the new rules, foreigners, passport holders with Chinese roots, and people from Taiwan province need to submit certificates of work or study in the local area while residents of Hong Kong and Macao must submit IDs and permits. Moreover, they must confirm the purchase is for personal use.
According to a notice issued by the local government on Sept 20, 2023, the city's restricted areas for house purchase include Yuexiu, Haizhu, Liwan, Tianhe, and Nansha districts, as well as some areas of Baiyun district.