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Chinese cities modify real estate policies to boost market confidence

China

Chinese cities modify real estate policies to boost market confidence
China

China

Chinese cities modify real estate policies to boost market confidence

2024-05-14 22:17 Last Updated At:22:47

⁠⁠⁠⁠⁠⁠⁠Multiple cities across China, including Beijing, Guangzhou, Hangzhou, and Shenyang, have eased restrictions on home purchases and loan extensions to revitalize the real estate market, which is expected to improve market expectations as the newly adopted incentive measures take effect.

Beijing recently released its 2024 Housing Development Annual Plan, which provides for the allocation of 1,060 hectares of land for residential purposes, maintaining stable land supply. This includes plans to supply approximately 6 million square meters of commercial housing and to build 70,000 units of affordable rental housing, along with delivering 80,000 units of various affordable housing.

Since late April, multiple cities in southern province of Guangdong have rolled out new real estate policies to shore up the market.

Guangzhou's Huadu District launched a one-year "trade-in" promotion for commercial housing starting on Wednesday, offering multiple discount incentives and allowing participants to unconditionally refund deposits within a certain period.

"The 25 participating companies are mostly large centrally-administered enterprises, state-owned enterprises, or major real estate companies. Their housing units primarily focus on meeting essential needs or providing improvements to current living conditions," said Huang Feifei, secretary general of the Guangzhou Huadu District Real Estate Industry Association.

On Monday, Foshan, a city adjacent to Guangzhou, issued a notice involving 13 measures to incentivize the real estate market.

The measures include supporting the "trade-in" of housing, increasing support for provident fund loans to purchase homes, and implementing a dynamic adjustment mechanism for first-time home loan interest rates. Non-local residents with legal ownership of residential properties in Foshan can apply for household registration, with their spouses and minor children allowed to gain the permanent residential status.

Earlier this month, Hangzhou City in east China's Zhejiang Province announced the easing of home purchase restrictions, including the removal of the housing lottery system and purchase qualifications for commercial housing.

Non-local residents who acquire legal property rights in Hangzhou are now eligible to apply for the permanent residential status.

In northeast China's Liaoning Province, the provincial capital city of Shenyang has announced measures to ease restrictions on application for the permanent residential status, in efforts to attract more people to settle in the city.

These measures include removing the quota limit for points-based household registration, expanding the scope of academic-based applicants, and relaxing criteria for property-based relocation and collective household registrations.

A report recently released by the People's Bank of China -- China's central bank -- suggested a comprehensive study on disposing of existing real estate inventories and modifying new housing policies.

The report advocates city-specific policies and precise implementation of differentiated housing credit policies to better support home purchases for essential needs and improvements, meet the reasonable financing needs of real estate enterprises, and promote stable and healthy development of the real estate market.

Chinese cities modify real estate policies to boost market confidence

Chinese cities modify real estate policies to boost market confidence

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China to attend 9th Global Review of Aid for Trade

2024-06-21 12:18 Last Updated At:12:37

China will attend the upcoming Global Review of Aid for Trade in Geneva, Switzerland from June 26 to 28, according to an official with the Ministry of Commerce on Thursday.

Under the theme of "Mainstreaming Trade", the conference will be held at the WTO’s headquarters in Geneva, focusing on three key areas: food security, digital connectivity, and maximizing the role of trade.

"During the conference, China will engage in several high-level events to elaborate on its efforts to enhance trade capabilities of developing countries, especially the least developed ones. China will also hold a sub-session focused on food security, marking its inaugural session during the Global Review of Aid for Trade. The session will showcase vivid examples from China's foreign aid projects in rice and mushroom cultivation technologies, highlighting its efforts and contributions to addressing food security challenges in other developing countries," said He Yadong, spokesman of the ministry, at a regular press conference in Beijing when providing further details on China's participation.

In recent years, China has actively pursued Global Development Initiatives, engaging in aid for trade through South-South cooperation. These efforts included trade-related infrastructure development, technical assistance, and capacity building, aiming to enhance the trade capabilities of participating countries, support their economic and social development goals and foster a community with a shared future for mankind, according to the official.

China to attend 9th Global Review of Aid for Trade

China to attend 9th Global Review of Aid for Trade

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