China's housing market sees positive changes following eased homebuying rules

China's top housing authority has noted "overall positive changes" in the real estate market, as homebuyer confidence was revived by a series of beneficial measures announced by major Chinese cities since September to boost the country's property markets.

The Ministry of Housing and Urban-Rural Development said most cities have seen a rise in visits to property projects by over 50 percent from a year ago.

Thanks to new policy adjustments on Sept 30, both transaction volume and inquiries for second-hand homes in Beijing increased notably during the week-long National Day holiday, which runs from Oct 1 to 7.

"On Oct 1, four orders were signed at our store and on Oct 2, one order was signed, bringing the total number to five. This marks a historical peak in our transaction records," said Liu Qiujing, a house agent at Huilongguan sub-branch of Lianjia Real Estate Brokerage in Beijing.

She also reported that property viewings at her store stood at 39 groups during the holiday, an increase of 15 groups over the previous week.

According to a circular jointly issued by six municipal departments on Sept 30, non-Beijing residents are allowed to purchase homes inside the city's fifth ring road if they have a record of paying social insurance or individual income tax in the city for at least three years - down from five years as was previously required.

The new policies which took effect on Oct 1 also lift the housing purchase restrictions in Tongzhou District, where the Beijing Municipal Administrative Center is located, to allow the district's homebuying rules to comply with the city's unified property market policy.

Under the new rules, homebuyers face less financial pressure, as the minimum down payment ratio for individual commercial mortgages are reduced from 20 percent to 15 percent for first-home purchases, and from 30 percent to 20 percent for second homes.

"Following the introduction of the new regulations, buyers have shown a stronger willingness to purchase properties, acquiring them more swiftly. Clients with rigid demand for residential housing are swiftly entering the market. From the perspective of homebuyers, their confidence has significantly increased," said Liu.

Between Oct 1 and noon of Oct 3, on-site inquiries for second-hand homes in Beijing jumped by 104.1 percent year on year, according to a report on the Ministry of Housing and Urban-Rural Development.

China's housing market sees positive changes following eased homebuying rules

The Japanese government's decision to scrap restrictions on the export of lethal weapons violates the country's pacifist Constitution and poses a grave danger, said a Japanese scholar on Tuesday.

The Japanese government officially revised "the three principles on transfer of defense equipment and technology" and their implementation guidelines on Tuesday to enable overseas sales of weapons, including those with lethal capabilities.

The changes have been approved by the Cabinet and the National Security Council, the Kyodo News reported.

The revision scraps rules that limit Japan's defense equipment exports to five noncombat categories, namely rescue, transport, warning, surveillance, and minesweeping. Instead, defense equipment will be divided into "weapons" and "non-weapons" categories, based on whether they have lethal capability.

While the revision in principle prohibits the export of arms to countries where conflict is taking place, they do allow for exceptions "in special circumstances" that take into consideration Japan's security needs.

"This is obviously in violation of Article 9 of the Constitution, so I insist that we must never let things go on and never turn a blind eye to it," said Yamashita Masahiko, professor emeritus at the Tokai University.

The approach of the Japanese government under Prime Minister Sanae Takaichi to lift restrictions on lethal weapons export has aroused strong concern and dissatisfaction in Japanese society.

"In our opinion, the constitutional amendment that Takaichi seeks is actually a revision in a wrong direction and amounts to a violation of the Constitution. We are indignant and can never allow such an approach under any circumstances. In our view, the recent rallies and demonstrations in front of the National Diet and elsewhere in the country also reflect the people's voice. We believe it is Sanae Takaichi who has further reinforced this dangerous trend. We consider her not only unsuitable to be a prime minister, but also unqualified to be a member of the National Diet," he said.

Japan's lifting of ban on lethal arms exports violates pacifist Constitution, poses grave danger: Japanese scholars