Shanghai alters homebuying requirements

Shanghai has revised its homebuying requirements by allowing eligible non-local individuals to buy one residential apartment each outside the city’s downtown area, according to official sources.

Taking effect since Wednesday, the new policy stated that non-local people in Shanghai, who have paid tax for five years or more, can buy a flat beyond the city’s Outer Ring Road with the exception of Chongming district, according to a notice jointly issued by the Shanghai municipal housing and urban-rural development management committee and the Shanghai municipal housing administration on Tuesday.

The decision is made for better meeting people’s rational living requirements, striking a balance between working and living in the suburban areas, and promoting the integration of industries with local development, it said.