Business / Industries

Tianjin may allow residents to buy third home: Sources

By Cai Muyuan ( Updated: 2014-05-14 14:02

Tianjin may allow residents to buy third home: Sources
Nobody's home in 10.2m apartments, survey finds 

Tianjin may allow residents to buy third home: Sources
Tianjin may ease property regulations and join other cities in heating up the cooling down real estate sector, Beijing Business Today reported on Wednesday, citing sources in the industry.

Tianjin municipal government may plan to lift restrictions on residents purchasing a third property, it said.

Local residents may be allowed to buy a third home measuring at least 144 square meters in six districts in the city and a home that's less than 90 square meters outside of those districts. Restrictions on third-home purchase for corporations registered in the city and on non-local residents could be lifted, said the report.

If the yet-to-be-confirmed policy is implemented, it could encourage other second- and third- tier cities sitting on the fence to ease property restrictions, said Beijing Business Today, citing the sources.

Chen Baocun, a property market specialist, said the property price in Tianjin has always been stable compared to that of Beijing and other second-tier cities.

However, according to Chen Guoqiang, head of the China Real Estate Society, the city has been affected by the falling property prices. "Tianjin's real estate market suffered a big slump in the first few months this year, primarily due to having more supply than demand, especially in Binhai district."

"Tianjin has never been the front runner when it comes to regulating the real estate market but judging from the situation, it is unnecessary for the city to maintain the restriction anymore," said Chen Baocun.

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