At least 30 cities across the country have recently loosened their restrictions on non-official residents buying into the local property market. Jiangmen is among them, according to local media.
As Bloomberg reports, the slowest economic growth in 30 years is prompting some city governments to loosen up and allow people living in their jurisdictions without a local residency permit (a hukou) to buy a home.
Jiangmen, the city on the far western side of the Greater Bay, next door to Zhuhai and Zhongshan, has gone a couple of steps further. According to the city’s Housing and Construction Bureau, it wants to support “all kinds of innovative entrepreneurs to live and work in Jiangmen, attract business and investment, and integrate into the Greater Bay Area”.
This has led to the following adjustments:
- Non-registered resident families with college education or above, who have been paying social security in Jiangmen, can purchase a new commercial housing unit;
- Non-registered employee families in key enterprises identified by the commercial department, providing proof of labor contracts, can purchase a new commercial housing unit;
- Resident families from Hong Kong, Macao and Taiwan may now purchase a second home in Jiangmen;
The new regulations only apply to specific areas of Jiangmen, which have been restricted since 2017: Pengjiang District, Jianghai District and Huicheng Street of Xinhui District.
To be clear, it is “talents” that Jiangmen is seeking. The housing incentives are on top of other incentives rolled out last year by the municipality to attract well-educated and qualified people to settle down in Jiangmen. Certain applicants can qualify for grants of between RMB 600,000 and RMB 1 million, plus a free apartment, the title deeds of which are transferred to successful applicants after five consecutive years of work.