Shanghai decides to ease property restriction on second homes

China’s financial Centre Shanghai has eased home purchase restrictions to allow a broader pool of buyers to purchase a second property.

The city has decided to allow residence permit holders who have lived in the city for at least three years to buy a second home, according to a source at the city’s housing regulator.

It previously limited the second home option to locals, or those born in the city or who worked for an extended period of time and were officially recognised as locals, without specifying guidelines for non locals.

‘This is certainly a positive easing measure. But the easing by the local government doesn’t mean the central government will loosen its property controls,’ explained Jack Gong, an analyst at Jefferies Group.

Source: PropertyWire.com