Home ownership to grant residency in economic powerhouse Suzhou

Suzhou in Jiangsu province announced that from August 1, 2024, to July 31, 2027, individuals who purchase a house in the city and use it as their place of residence can apply for household registration, or hukou, as stated by the Suzhou Public Security Bureau on Tuesday.

Earlier this month, Suzhou officially removed former property purchase restrictions and eliminated the lower limit on personal housing loan interest rates for first and second homes. Commercial banks can independently set interest rates based on customer risk profiles.

It also adjusted the minimum down payment ratio for first homes from no less than 20 percent to no less than 15 percent and for second homes from no less than 30 percent to no less than 25 percent.

Buyers without existing housing or with only one home listed for sale in the purchased residential area can be classified as first-home buyers when applying for a mortgage for a new home.

Suzhou's GDP reached nearly 2.47 trillion yuan ($339 billion) in 2023, a 4.6 percent increase from the previous year, according to the Suzhou Municipal Bureau of Statistics.

By the end of 2023, Suzhou's permanent population was 12.958 million, maintaining its position as the largest in Jiangsu.