Haikou begins easing its home purchase curbs
China’s southern city of Haikou is easing its property curbs in the wake of falling sales. Yang Chengxi shows us if the new measures are bringing buyers back to the market.
Tropical weather, sandy beaches and a healthy economy should mean strong property sales for Haikou. But sales in fact slipped 6.7% in the first four months of this year, due to property curbs. Analysts say sales may fall even more in May. This has made many potential home buyers to hold back.
Then why is Mr. Zhou looking to buy a home now? From June, the city is loosening controls on housing policies. A resident who buys an apartment larger than 120 square meters is allowed to register 5 household registrations, also known as “Hukou”. Mr Zhou, a home buyer said.
“The skeptics say although Haikou is the relatively advanced capital city of Hainan Province, low purchasing power of citizens from other parts of the province will mean that the new policy might not attract too many people to buy homes here.” Zhou said.
“The city’s new housing policy will be carried out until the end of this year. The city government will then judge whether to continue the policy by its effects in the year.” Wang Yiwu, Professor of Hainan University said.
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