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New housing sales rules
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THE Hangzhou government has issued new rules limiting the number of homes non-local residents can purchase in an attempt to cool the city’s overheated property market.
The rules, which are already effective, ban people without a Hangzhou hukou (household residency) from buying more than one house in Shangcheng, Xiacheng, Jianggan, Gongshu, Xihu, Binjiang, Xiaoshan and Yuhang districts as well as in the Hangzhou Economic and Technology Development Zone and the Zhijiang National Tourism and Resort Area.
The rules don’t apply to Fuyang, Dajiangdong, Tonglu, Lin’an, Jiande and Chun’an districts and counties.
Five years ago, the city government banned sales of homes to families already having two or more properties in Hangzhou in a bid to curb housing market speculations, but lifted the ban in August 2014.
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