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Wuhan axes home curbs
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WUHAN, capital of Hubei Province, yesterday became the latest Chinese city to scrap all housing purchase restrictions.
The Wuhan housing security and management bureau lifted restrictions put in place three years ago on homes smaller than 140 square meters. In mid-July, it lifted limits on homes above 140 square meters. Non-locals will still need a one-year record of social insurance contributions if they wish to buy homes in the suburbs.
On September 15, the provincial housing department announced the lifting of the restrictions and also give home buyers tax breaks and mortgage rate discounts.
China’s property market has been poor this year, hurting the economy and prompting dozens of cities to lift housing curbs to revive sales.
Only a few cities, including Beijing, Shanghai and Guangzhou, haven’t eased the limits.
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