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Two major cities in China have eliminated all remaining curbs on home-buying, in yet another sign that local governments are trying to revive the beleaguered real estate sector and spur growth in the world’s second-largest economy.
Hangzhou, a city of 12.5 million which is home to tech giant Alibaba and EV maker Geely, has been relaxing restrictions in the property market since early 2022. Last October it removed curbs in most districts, and in March loosened restrictions on purchases of second homes.
Now it’s going a step further. Starting from May 9, the city will no longer check the social security records or the “hukou” household registration status of potential buyers, among other qualifications, according to a statement released by Hangzhou Housing Security and Real Estate Administration on Thursday.
Under China’s hukou system, each citizen is required to have only one registered place of residence, determining their access to welfare and other public services.
Xi’an, a northwestern city with a population of 13 million, announced a similar move Thursday.
Other cities have also taken major steps to make the process of buying property easier.