Changsha relaxes rules for homebuyers

Changsha, Hunan province, has eliminated all curbs on home buying, joining several other cities in dropping restrictions in an effort to boost the real estate market.

A notice issued by the city's bureau of housing and urban-rural development on Thursday said the city will no longer verify the homeowner status of people who want to make a purchase.

Changsha had restricted home buying in 2017, and people without household registration in Changsha were allowed to buy only one residence.

Family members who are not homeowners in Changsha households should be deemed first-time buyers when applying to a bank for a mortgage loan, it said.

The policy allows residents to change their old houses for newer ones or to purchase bigger ones, the notice said.

The move by the city is the latest effort to stabilize the nation's real estate market and related industries, which make up a large part of the national economy.