Wenzhou City Relaxes Home Purchase Restriction Policy

Wenzhou, a city of close to two million residents in southeastern Zhejiang province, has relaxed its property purchase policy amid lackluster housing market, according to a new directive from the Wenzhou Municipal Commission of Housing and Urban-Rural Development.

The city government will no longer require verification of potential buyers’ current home ownership status, meaning residents now have the freedom to purchase more than one property.

The local government will also make efforts to secure support from financial institutions to give discounts for first-time home buyers.

The latest efforts follows last August’s policy loosening when the city allowed its permanent residents to buy a second home.

But housing prices in Wenzhou still declined for 34 consecutive months, one of the worst performances among China’s major cities, according to data released by the National Bureau of Statistics.

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