Zhengzhou Eases Home Sales Restrictions to Boost Property Market
Removal of Price Caps and Resale Incentives
The central Chinese city of Zhengzhou has removed restrictions on ceiling and floor prices for new home sales, effective July 31, 2023. This move aims to boost the local property market, which has been facing headwinds due to the country's ongoing economic slowdown.
Involvement of State-Owned Company
In addition, Zhengzhou has instructed residents to sell their second-hand homes to a local state-owned company. The company, Zhengzhou Real Estate Development Company, has offered to purchase 500 homes on the condition that homeowners use the proceeds to buy new homes.
Easing Resale Restrictions
Zhengzhou has also relaxed home resale restrictions, making it easier for homeowners to sell their properties. Analysts believe these measures are part of a broader effort to support the city's property market, which has experienced a decline in sales and prices in recent months.
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