Guangzhou lifts home purchase restrictions to boost real estate market

Real estate agencies in Guangzhou City, capital of south China's Guangdong Province, have seen an increasing number of potential home buyers during the ongoing National Day holiday, after this first-tire city on Monday lifted restrictions on home purchase.

Starting on Monday, the qualification for purchasing homes in Guangzhou will no longer be reviewed and there will be no restrictions on the number of homes purchased for families and single individuals with or without local household registration in the city, according to a circular issued by the general office of the municipal government on Sunday night.

Guangzhou's full cancellation of the purchase restriction policy marks a major breakthrough in the regulation and control of the local real estate market, which drives the enthusiasm of potential home buyers .

"Somewhat influenced by the new policy, we came here to consider buying a new home. Currently, the home prices in Guangzhou are relatively low, so we want to seize this opportunity if there's an ideal option," said a local potential home buyer.

"In the first week of October, there is generally a high transaction volume of new homes. By 11 p.m. on October 2, our company has closed 1,200 sets of new home transactions," said Wang Huaxin, manager of the Guangzhou Jinhai sub-branch of Guangdong Lianjia Real Estate Brokerage.

The easing of regulations boosted market confidence, bringing the long-awaited surge in home purchases. Another real estate agent said she observed a notable increase in both sellers listing their properties and potential buyers exploring their options recently.

"Yesterday (Oct 2), our team saw a 20-percent jump in the number of potential buyers coming to view properties," said Liu Weilian, general manager of the Taorantingyuan sub-branch of Shenzhen Leyoujia Holding Group Guangzhou Branch.

A scholar based in Shenzhen believes that after the latest round of policy adjustment, property prices will shift to a normal level based on buyers' reasonable housing needs.

"First, following the regulation of the real estate market in recent years, housing prices in major cities have stabilized within a reasonable range, and both housing prices and urban development have embarked on a sustainable path. Second, our government has implemented stimulus policies for both the stock market and the real estate market, signaling its hope that, amidst the ongoing round of U.S. dollar interest rate cuts, the value of our core assets in China will revert to a fair valuation, thereby safeguarding the wealth of both our nation and its residents," said Wu Haifeng, director of the Center for Sustainable Finance under the Chinese University of Hong Kong (Shenzhen).

Guangzhou lifts home purchase restrictions to boost real estate market

Macao has been emerging as a global hub for conventions and exhibitions in recent years by exploring the enormous opportunities in the sector, driving the region to advance its economic diversification and embrace a brighter future.

Macao has received many awards this year, such as the Best Convention City (Asia) and the Best BT-MICE City, showcasing the recognition for and influence of Macao's exhibition industry.

More than 1,000 electronic game enthusiasts from all over the world gathered recently in Macao to participate in a esports themed event.

Su Zhili, organizer of the event, said that Macao's rich experience in hosting large-scale events, coupled with its good infrastructure, has driven him to choose the region as an ideal destination to hold such an activity.

"Macao has held many similar large-scale events. It has rich experience, and the facilities at the venue are relatively mature, so we can start our work comfortably," said Su.

During the first three quarters of 2024, Macao held more than 1,000 conferences and exhibitions in total.

"We will invite more professional, special conferences to be held in Macao and also cultivate more exhibition brands with international influence in Macao, so as to promote Macao's exhibitions to be more market-oriented, professional, international, digital and greener from various aspects. This is our goal," said Elaine Wong, member of the Macao Commerce and Investment Promotion Institute.

In addition, multiple large exhibitions and conferences, such as the Macao International Trade and Investment fair, the Macao Franchise Expo, and the International Infrastructure Investment and Construction Forum, are held regularly in Macao.

With the introduction of a series of policies and measures to facilitate the exchanges between the mainland and Macao, as well as the construction and development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, Macao's convention and exhibition industry will embrace more opportunities for development in the foreseeable future.

"We have such a good industrial base in the Greater Bay Area. The mode of 'Convention and Exhibition + Industry' not only integrates the industries of Macao, but also the industries of the Greater Bay Area. In addition, Macao actively integrates into the national development and plays a role in the Belt and Road. Why are we so confident in Macao's convention and exhibition sector? Because it is backed by the motherland, and the country gives Macao great support," said Alan Ho, chairman of the Macao Association of Convention, Exhibition and Tourism Sectors.

Macao emerges as global hub for conventions and exhibitions, driving economic diversification and international recognition