Beijing makes it easier for families to buy property

Beijing announced a major reduction in the requirements for property purchases by families without a Beijing hukou, or residential certificate, and families with multiple children on Wednesday.

The requirement for families without Beijing hukou to purchase a home within the fifth ring road will be reduced from the current three years of social security or income tax contributions to two years.

For purchasing homes outside the fifth ring road, the requirement will be reduced from two years to one year.

Families with two or more children will be allowed to purchase an additional home within the Fifth Ring Road.

The families whose members have the Beijing hukou with two or more children can buy up to three homes within this area.

The families whose members don't have a Beijing hukou, but have multiple children, and have paid social security or income tax in Beijing for at least two consecutive years, can purchase up to two homes within the fifth ring road.

The notice also states an increase in support for property buying through the use of the housing provident fund.

It adjusts the minimum down payment requirement for second home purchases using the provident fund loan.