Beijing lowers home purchase bar

Beijing will ease home purchase requirements for families without Beijing household registration by reducing the required period of social security or individual income tax payments from two years to one year for buying commercial housing within the Fifth Ring Road, local authorities announced on Friday.

The new policy, which takes effect on Saturday, was jointly issued by the city's housing and urban-rural development bureau, planning and natural resources commission, and housing fund management center.

Under the revised rules, eligible families need only have paid social security contributions or individual income tax in Beijing for at least one year to purchase commercial housing anywhere in the city. The number of homes they are permitted to buy remains unchanged.

Eligible families may purchase one commercial home within the Fifth Ring Road, while families with multiple children may buy one additional home. There is no limit on the number of commercial homes they may purchase outside the Fifth Ring Road.