China is seeking to maintain stability in the property market this year after the roller coaster ride of 2016, with measures to prevent surges in metropolises and the growing inventories in small cities.File photo:Xinhua

 
Shanghai's Lingang New Area loosened its housing sale policy for talent, shortening the required work time for residents applying for talent verification to three-six months and becoming the latest Chinese city to relax restrictions for property sales in April.

According to a notice issued by the local authorities in Lingang, the confirmation letter for approving the eligibility of talent working in the new area has extended the validity period from six months to 12 months. After being qualified as designated talent, residents are eligible to purchase property. . 

Meanwhile, the notice also shortened the required working period for eligible residents applying for talent qualification from a year to three-six months, but they have to work for units that support the industrial development of Lingang New Area. 

Analysts pointed out that the adjustment came as the domestic housing market has been impacted by the recent COVID-19 outbreak in the city, which is expected to douse homebuyers' enthusiasm.

The State Council, China's cabinet, has issued new policy guidelines to stabilize market expectations, alleviate the impact of the pandemic and support economy growth. 

Ramping up support for urban property sales and infrastructure build-up in the Lingang New Area will help boost the local development of new industries, financial news outlet stcn.com reported on Thursday, citing Li Yujia, a senior research fellow based in South China's Guangdong Province.

According to the report from stcn.com, a total of 15 cities in China have relaxed restrictions on local housing policies covering a variety of aspects on purchasing quotas, loan restrictions and mortgage interest rates.

Yan Yuejin, research director at Shanghai-based E-house China Research Institute, said that move to relax the restrictions signals that the entire real estate market has entered a new phase of deregulation. And Li Yujia expected that more Chinese cities are likely to follow Shanghai's Lingang by loosening curbs on property sales. 

Global Times