Shenzhen authorities have made it easier for Macao residents to purchase property in China’s tech hub, according to media reports.
Until recently, residents of Macao, Hong Kong and Taiwan – as well as Chinese citizens based overseas – have been limited to owning one residential property in Shenzhen, for their own personal use.
Now, officials have expanded the scope of that rule to include commercial offices and serviced apartments.
The move comes as Shenzhen’s property market experiences a dramatic cool-down.
Research by real estate brokerage firm Midland Holdings reportedly shows a continuous decline since March this year, with declines in both the number of properties sold and the prices of second-hand residential properties.
While Shenzhen is known to be one of China’s least affordable cities, house prices in five of its popular districts have dropped by 15 percent over the past three years – according to Fortune, citing a July report by property research institute Leyoujia.