In a strategic move aimed at revitalizing their real estate markets, top Chinese cities Shanghai and Shenzhen are reportedly set to lift significant remaining restrictions on home purchases, according to Reuters citing four sources familiar with the situation.
The anticipated changes are expected to open up opportunities for buyers from various parts of China to invest in properties in these sought-after cities, where stringent controls were previously imposed to curb excessive speculation. Shanghai, known as China’s key commercial and financial hub, along with Shenzhen, often referred to as the Silicon Valley of the country, are also considering removing limits on the number of homes that individuals can purchase, as disclosed by three of the sources.
The forthcoming adjustments are anticipated to be officially announced in the upcoming weeks, aligning these cities with a growing trend among several other Chinese urban centers that have completely eliminated purchase restrictions. While the sources opted to remain anonymous due to authorization constraints, there has been no immediate response from the State Council Information Office or the Ministry of Housing regarding media inquiries.
