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Guangzhou relaxes curbs on commercial property to revive real estate sales


Guangzhou, one of China's top-tier cities moved to cool its property market in March last year by issuing measures that included curbs preventing individuals from buying commercial property.

That restriction will now be eased, the Guangzhou Housing and Urban-Rural Construction Committee said in a statement on its website on Wednesday.

image( Developers in Guangzhou will now be able to sell commercial property to all buyers, including individuals.)

It said that developers who built on land that was sold before March 2017 will now be able to sell the commercial property to all buyers, including individuals, in a policy change that took effect from Thursday.

The southern Chinese city's move comes after Heze city earlier this week reversed a rule to designed to curb real estate flipping, the first of its kind since authorities around the country began taking steps about two years ago to control soaring house prices.

Heze's municipal housing and urban-rural development bureau said it was cancelling provisions introduced last year that required purchasers of new or second-hand homes to hold them for two or three years, depending on their residency status, before being eligible to sell.

"Adapted from The Straits Times, 22 Dec 2018."


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