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Shanghai unveils comprehensive property policies to boost housing market

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Shanghai unveils comprehensive property policies to boost housing market

2024-05-28 17:53 Last Updated At:18:27

Shanghai authorities have unveiled a set of nine new measures aimed at better meeting the diverse housing needs of residents and bolstering market confidence in the city's real estate sector.

The policy adjustments, announced on Monday, include significant steps to ease home purchase restrictions for non-Shanghai residents, support the reasonable housing needs of families with multiple children and optimize the housing credit policy.

Following the new housing policies in Shanghai on Monday evening, real estate agencies across the city witnessed a surge in inquiries from potential buyers.

"Since the new policy was announced, we've been receiving a lot of inquiries. Most of the questions for me are from families with multiple children who are looking to buy a third property. They're asking about things like mortgage options and down payment requirements. My colleagues have also been getting a lot of calls. I'd estimate we've received several dozen inquiries so far," said Cui Lifu, store manager of an real estate agency in Xuhui District, Shanghai.

The most significant adjustment is the shortening of the social security or individual income tax payment duration required for non-Shanghai residents to purchase homes - from the previous five years to just three years, and further lowered to two years for talent in key development areas.

Experts suggest that this move will play an important role in accelerating the sell-through of new homes in the suburban areas of Shanghai.

Additionally, the policy has expanded the home purchase scope for single non-Shanghai residents. Previously limited to purchasing new homes outside the outer ring road and existing homes, they can now also purchase existing homes within the outer ring road.

The new measures also support the reasonable housing needs of families with multiple children, enabling them to purchase an additional home and optimizing loan standards to reduce their interest burdens.

While lowering the home purchase threshold, Shanghai has also made effective adjustments to the housing credit policies. The minimum downpayment ratio for individual commercial housing mortgages has been lowered to 20 percent for first-home purchases and 35 percent for second-home purchases. The minimum downpayment ratio for second-home purchases in the Shanghai Pilot Free Trade Zone Lingang New Area and six of its suburban districts has been adjusted to 30 percent.

The authorities have also increased the maximum provident fund loan limits, with further increases for families with multiple children purchasing their first home.

To support households facing housing difficulties, the notice proposes providing appropriate subsidies for transition rental housing, renovation, and moving expenses for residents who meet the conditions for "trading in the old for the new."

"This package of real estate policies in Shanghai better meets the rigid housing demands and diverse improvement housing needs of residents, which will better guide market expectations, boost market confidence, and further promote the stable and healthy development of Shanghai's real estate market," said Yan Yuejin, research director of the Shanghai E-House Research Institute.

Shanghai unveils comprehensive property policies to boost housing market

Shanghai unveils comprehensive property policies to boost housing market

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China-U.S. Track 1.5 Dialogue calls for stable relations through cooperation

2024-06-14 15:38 Last Updated At:16:07

The Second China-U.S. Track 1.5 Dialogue was held in Beijing on Thursday, with both sides agreeing that stable development of China-U.S. relations is in line with the interests of the two peoples and the general expectations of the international community.

The theme of this year's dialogue is "sharing perspectives and finding solutions on key and urgent issues".

Some 30 representatives from both China and the United States, including John Thornton, co-chair of the Board of Trustees of the Asia Society, attended the dialogue and had candid, in-depth and constructive exchanges.

Both China and the United States should adhere to peaceful coexistence, avoid conflicts and confrontations, and strengthen communication and dialogue to enhance mutual understanding and trust.

The two sides should also deepen cooperation in areas such as the economy, trade, climate change, health, and artificial intelligence, and expand people-to-people exchanges, especially among the youth.

Both sides recognized the need to strengthen risk management and properly handle differences, to shoulder their responsibilities as major countries in jointly addressing global challenges.

Both sides agreed to continue deepening dialogue and communication, and make efforts to promote stable and healthy development of China-U.S. relations.

The dialogue was co-hosted by the International Department of the Communist Party of China Central Committee and the Asia Society of the United States.

China-U.S. Track 1.5 Dialogue calls for stable relations through cooperation

China-U.S. Track 1.5 Dialogue calls for stable relations through cooperation

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