Beijing's subcenter - Tongzhou
Beijing has relaxed restrictions on foreigners buying real estate, part of a slew of measures to adjust a sluggish property market.
According to previous policies, foreigners were required to work in Beijing for more than a year before becoming eligible to buy property for residential purposes in the capital of China.
The housing management department of the Beijing government has abolished this requirement, enacted 10 years ago to curb property speculation, Beijing Youth Daily reported Saturday. The new policy took effect from February 4th 2016.
The new policy follows an earlier relaxation of controls over foreign investment into China's real estate sector last August.
A first-tier Chinese city, Beijing faces less pressure on housing inventories compared to smaller Chinese cities. The eased policies targeting foreigners are expected to improve confidence and help address structural problems in the medium and high-end real estate market, the report said.