The city of Ningbo will give hukou to home buyers to address housing slump and slowing population growth. Read more at straitstimes.com.
SHANGHAI – A Chinese city near Shanghai has relaxed rules to allow property owners to become permanent residents, a move that may help to addressThe eastern city of Ningbo will give so-called hukou, a passport-style regional permit allowing access to better medical and education resources, to anyone who purchased properties there, according to a rule posted on the local government’s website last week. The previous rule required applicants to work in the city.
Home sales in Ningbo plunged 58 per cent by area in the first three quarters, steeper than a 46 per cent average seen in similar cities, according to China Real Estate Information Corp. data. Second-hand home prices fell the most in more than seven years in the city in August, government figures show.
Since 2019, China has promoted freer movement of labour to cushion slowing growth, including by easing the hukou system. For cities with more than 5 million people, such as Ningbo, the system will be simplified, the State Council has said.
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