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Shanghai unveils comprehensive property policies to boost housing market

China

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China

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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Cargo throughput surges as China's ports streamline customs clearance

2024-07-20 07:14 Last Updated At:08:27

China's border ports have been implementing a range of cargo facilitation policies, leading to a surge in cargo throughput, with a nearly 57 percent year-on-year increase in the inspection of transportation vehicles in the first half of 2024.

According to the data recently released by the National Immigration Administration, China's ports inspected about 15.42 million vehicle, vessel, and train trips in the first six months of this year, a 56.9 percent jump from the same period last year.

The border ports have rolled out a series of measures to streamline customs clearance for cargo. At major land ports, fast lanes have been set up for the rapid release of critical supplies. At major seaports, online declaration has been enabled for border inspection boarding. In international shipping, arriving vessels can have much faster departures thanks to the efficient inspections.

The combined sea-rail transport model, utilizing maritime routes and the China-Europe freight train service, has made the port of Lianyungang in east China's Jiangsu Province one of the most convenient and economical gateways to the sea. It handles more than 80 percent of Kazakhstan's transit cargo to China.

At the port, containers carrying with auto parts, home appliances, and other products are offloaded, hoisted onto trucks, and then loaded onto China-Europe freight trains bound for destinations like Kazakhstan and Uzbekistan.

"From unloading to boarding the freight train, the entire process can now be completed in as little as eight minutes. These containers are expected to reach the border ports within six days, greatly reducing transportation time and cost," said a logistics company employee.

The Youyi Pass in the southern Guangxi Zhuang Autonomous Region, also known as Friendship Pass, on the China-Vietnam border is an important cross-national trade channel. To enhance the clearance efficiency of imported fruits, the port has established "durian-only" channels and green channels for agricultural products, as well as an intelligent inspection assistance system. A Chinese cargo truck can now clear customs in just 15 seconds.

As the country's largest land port for fruit imports and exports, the Youyi Pass saw fruit imports worth 23.92 billion yuan (about 3.3 billion U.S. dollars) in 2023, a 262.9-percent surge year on year.

Pattama Narmwong, chairman of the Thai Mangosteen Association, noted that the greatly improved clearance efficiency has considerably cut down on transportation time and costs, supporting the burgeoning development of fruit trade between China and Southeast Asian nations.

Cargo throughput surges as China's ports streamline customs clearance

Cargo throughput surges as China's ports streamline customs clearance

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