The city of Chengdu in southwestern China on Sunday announced it would cancel restrictions on home purchases, including the housing lottery system and purchase qualifications for commercial housing, in a drive to streamline sales and boost the local real estate market.
The new measures enable enterprises to handle housing sales independently, bypassing the previous public lottery system. This change is expected to speed up the process from obtaining pre-sale permits to finalizing purchases.
Chengdu's reforms also include lifting restrictions on the number of housing units one can purchase. The updated policy eliminates the need for reviews based on household registration, social security records, or other prior buying conditions, which will simplify the purchase process for all residents.
This policy shift distinguishes Chengdu from several other Chinese cities and provinces, including first-tier cities such as Beijing, Shanghai, Guangzhou, and Shenzhen, which continue to enforce housing purchase restrictions.
Chengdu to lift restrictions on home purchases to boost housing market
