In a strategic move aimed at rejuvenating its property market, Beijing has introduced a series of measures to relax homebuying regulations. Announced by the Beijing Municipal Housing and Urban-Rural Development Committee in conjunction with the Beijing Housing Provident Fund Management Center, these changes come into effect on August 9.

Under the revised guidelines, both Beijing residents and non-residents who have maintained a record of paying social insurance or individual income tax in the capital for at least two years will now have the opportunity to purchase homes unrestricted outside the city's fifth ring road.

Significantly, the new regulations also bolster support for housing provident fund loans. The upper limit for second-home provident fund loans has been increased from 600,000 yuan to 1 million yuan, facilitating greater access to financing for potential buyers.

Furthermore, the minimum down payment ratio for second-home acquisitions has been unified, set at no less than 30 percent. This move eliminates previous discrepancies regarding properties situated within and beyond the fifth ring road, fostering a more streamlined purchasing process.

These updated measures mark the second phase of policy adjustments since last September, demonstrating Beijing's commitment to refining real estate regulations in alignment with changing market dynamics. The government is keen on ensuring a more stable and vibrant property sector.

(Cover via VCG)