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Hohhot is 1st city to ease curbs on houses
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RESIDENTS in Hohhot in the Inner Mongolia Autonomous Region will no longer face curbs on the number of homes they can own as the city has revoked the restriction, becoming the first to do so in the country as sluggish sentiment continued to cloud the housing market.
Buyers will not have to show proof of home ownership and non-local residents will also be allowed to buy homes, including pre-owned, in Hohhot, said a statement posted on Thursday on the website of the city’s real estate development and supervision administration office.
“It was actually unnecessary for Hohhot to implement such home-purchase restrictions,” said Yang Hongxu, vice director at E-House China R&D Institute, a property service provider and research body. “More smaller cities are expected to follow its steps as they struggle against large inventory and slack sales.”
At the current pace of new home sales, inventories in Hohhot would be exhausted in more than 10 years, according to data by real estate consultancy service providers, including Tospur and Centaline Property.
Zhang Dawei, chief analyst at Centaline Property, expects “by the end of this year, it is possible that more than 30 cities around the country may follow the move by Hohhot in order to boost home sales.”
He said the home-purchase curbs will remain in first-tier cities and those with a population of over 10 million.
China’s housing market was slack in the first five months of this year due to tightened credit at banks and a cautious mood among buyers and developers.
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