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Guangzhou, March 30 (Xinhua) — In an effort to cool down the real estate market, Guangzhou has introduced measures to restrict the resale of homes purchased within two years.
The new rules, which came into effect on Friday, allow homeowners to resell their properties, both new and second-hand, two years after obtaining the title certificate.
According to the regulation, those who give away their existing homes to others are not allowed to purchase new homes within two years.
The new restrictions come less than two weeks after other measures to limit purchases were introduced.
Starting in mid-March, Guangzhou banned single adults, including divorced people, from buying a second home. Families without a local hukou can buy a home if they can provide at least five years of personal income tax or social security records in the city. Previously, the requirement was only three years.
Guangzhou has also raised the minimum down payment ratio in some cases, excluding first-time homebuyers. People who do not own property in Guangzhou but have a housing loan record must pay a larger down payment.
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