Shenzhen will start allowing residents of Hong Kong and Macau to buy commercial property and business apartments to bolster sales.
A news report issued by China Real Estate News stated that the policy easing was completed in recent days and the relevant government departments will be notified, citing a source in the Housing Provident Fund Management Center of Shenzhen.
Under the eased rules, Hong Kong and Macau residents can purchase commercial properties, including shops, offices and apartments.
SARs’ residents “can already sign online to buy, and there is no limit to the number of units,” the source said, adding that the southeastern city’s regulations on buying residential property are unchanged, as cited in a report issued by Yicai Global.
Currently, residents of Hong Kong, Macau, and Taiwan can only buy one residence in Shenzhen. But if they plan to buy commercial property in the city, they must first set up a company there and get a business license.
An industry insider in Shenzhen pointed out that commercial real estate projects near the Shenzhen-Hong Kong border checkpoints are expected to benefit from the new policy, since Shenzhen residents are not that interested in owning assets in these areas, according to the report.
And Hong Kong residents could not buy them previously, which weighed on sales in these areas, the person said. Staff Reporter
