Guangzhou lifts home buying restrictions

(ECNS) -- Guangzhou, located in south China's Guangdong Province has lifted restrictions on  home purchases, the municipal government announced Sunday.

Starting from Monday, the city will no longer review buyers’ qualifications and restrictions on the number of homes individuals or families can purchase, regardless of local household registration, will be removed, said local government.

“Guangzhou is the first tier-one city to remove all home buying limits, which is demonstrative and instructive,” said Yan Yuejin, vice president of Shanghai E-House China Real Estate Research Institute.

Yan noted that these real estate policies are unprecedentedly loose, laying a foundation for subsequent local policies and market recovery. He mentioned that "It can be said that the most relaxed policy loosening window period in history has opened, which I think means that the' real estate bull market' market is gradually opening up."

Besides Guangzhou, other first-tier cities like Shanghai and Shenzhen also announced their own policies to remove key restrictions on home purchases.