SW China metropolis adjusts home purchase policy to bolster property market

CHENGDU, Oct. 15 (Xinhua) — The metropolis of Chengdu, located in southwest China’s Sichuan Province, on Tuesday granted all home-owners and home buyers in the city eligibility to apply for household registration in that city.
Individuals who purchase commodity housing which is already delivered or second-hand housing within the administrative area of Chengdu, are eligible to apply for the city’s household registration at the location of the housing, according to new regulations issued by city authorities.
Residential or household registration, referred to as hukou in Chinese, has always been a key attraction for non-natives in major cities, as it leads to opportunities and benefits upon securing permanent residency in a city.
Chengdu has a population of more than 21 million people, making it one of the most economically dynamic cities in southwest China. The number of people with household registration status in Chengdu currently totals nearly 16 million, according to the Chengdu Municipal Statistics Bureau.
The new regulations, valid for three years, grant home-owners and home buyers undifferentiated eligibility to apply for residential status in Chengdu — eliminating hukou qualification restrictions prescribed in previous regulations concerning the size of the purchased housing and the amount of time that has passed since the purchase.
Recently, major Chinese cities including the Chinese capital of Beijing and the likes of Shanghai, Guangzhou and Shenzhen, have adjusted their real estate policies, with a slew of measures unveiled to boost local property markets.
Meanwhile, China’s Ministry of Housing and Urban-Rural Development said that it would support municipal governments, especially those in the first-tier cities, to leverage their decision-making powers to regulate the real estate market and adjust policies restricting housing purchases based on local conditions. ■