U.S. Congressional records or major news outlets

Shenzhen, Hangzhou Ease Home Purchase Restrictions Amid U.S. Security Laws

May 9, 2024, 03:29 AM

Several Chinese cities, including Shenzhen and Hangzhou, have recently relaxed or completely removed home purchase restrictions. Shenzhen eased restrictions in some districts, while Hangzhou lifted all curbs, as confirmed by various sources including the city's housing authority. This move is part of a broader trend across China where local governments are attempting to revive the property market. Additionally, the policy changes come amid concerns in the U.S., where over three dozen states are enacting or considering laws that restrict land purchases by Chinese entities, citing national security. Critics argue that such U.S. laws have led to discrimination and a chilling effect on the property market. Furthermore, Chinese property developers have become more cautious in acquiring land, although there was a rally in Hong Kong following Hangzhou's announcement.