Guangzhou has lifted restrictions on home purchases by foreigners, including those from Hong Kong, Macau and Taiwan, in a bid to prop up its sagging property market.
The authorities made the confirmation on Tuesday amid rumours circulating online.
Under the new rules, Macau buyers will now be allowed to buy a residential property of 120 square metres or less in areas subject to purchase restrictions.
Authorities said the policy had been in place since last week, with prospective buyers required to submit their identity documents and travel permits.
Those from Taiwan or overseas Chinese, meanwhile, should provide proof of employment or study in Guangzhou city.
For larger apartments, there is no limit on the number of properties that can be purchased, whether in non-restricted or restricted areas.
In May this year, the Guangzhou government announced a reduction in down payment requirements for property purchases – reportedly the largest among the country’s first-tier cities.
For families buying their first home, the minimum down payment has been lowered to a minimum of 15 per cent.
Meanwhile, the previous interest rate floor has been abolished.
Similarly, for prospective buyers of a second residential property, the minimum down payment ratio has been adjusted to a minimum of 25 per cent.
