Shanghai unveils measures to boost property sector

Authorities in Shanghai rolled out a series of measures to further stimulate the property sector Thursday, including lowering the minimum down payment for second-home purchases in suburban areas.

The measures will take effect on Friday, according to a circular issued by six local government departments, including the Shanghai housing and urban-rural development commission.

For buyers purchasing a second home outside the city's outer ring road with a commercial mortgage, the minimum down payment is reduced from 20 percent to 15 percent.

The minimum down payment for second-home purchases within the outer ring road, or in the central city areas, remains at 25 percent. First-home buyers in Shanghai enjoy a minimum down payment of 15 percent when applying for commercial mortgages.

Homebuyers will also be allowed to withdraw their housing provident fund to purchase completed new commercial housing, expanding the policy beyond new homes sold on a pre-sale basis. The fund can also be used to pay home-purchase deed tax and buy parking spaces or garages, and storage rooms.

To support residents seeking to upgrade their homes through property replacement, Shanghai also rolled out a phased home-purchase subsidy program.

In the next seven months through March 31, 2027, buyers of new homes outside the outer ring road will be eligible for a subsidy equal to one percent of the mortgage amount, capped at 50,000 yuan (about 7,400 U.S. dollars), if they sell their existing home within one year before or after the online signing and filing of the purchase contract for the new home.

Buyers who sold homes located within the outer ring road will be eligible for an additional subsidy of 30,000 yuan.

The measures also call for greater government efforts to acquire more second-hand homes for use as government-subsidized rental housing.

In the four first-tier cities of Beijing, Shanghai, Guangzhou and Shenzhen, new home prices fell 1.1 percent year on year last month, compared with a 1.3-percent drop in June, while the decline in second-hand home prices narrowed from 4.9 percent to 3.7 percent in July.

Shanghai unveils measures to boost property sector

Russian President Vladimir Putin has identified launching a new investment cycle in industry, agriculture, services and housing as a key priority for the national economy during a meeting of the Council for Strategic Development and National Projects on Wednesday.

Putin noted that Russia's many export-oriented megaprojects in the chemical industry, metallurgy, mining and petrochemicals have already passed their peak investment phase, leading to a slowdown in capital investment growth.

"The overall economic dynamics are modest but positive. Gross domestic product (GDP) growth stands at about 1 percent. Moreover, in the first half of the year, the GDP grew by 0.6 percent, and in the second quarter, it reached 1.3 percent," he said.

While noting that Ukrainian attacks had not caused serious damage, Putin said logistics and storage infrastructure required restoration, including with the government's participation.

Russia's Deputy Prime Minister Alexander Novak noted despite the impact of international sanctions, Russia's real GDP has increased by more than 10 percent over the past three years.

During the period, Russia's economic growth structure has shifted. The share of net economic exports have fallen by nearly threefold, and the economy has in effect pivoted toward the domestic market. Investment accounted for 23.3 percent of the GDP in 2025, reaching its highest level in the past 15 years.

Novak told Putin at the meeting that Russia's sector-level economic structure has also undergone changes. Manufacturing has become the key growth driver, and its share climbed from 13 percent to almost 15 percent in 2025. For the first time, manufacturing output has consistently exceeded extractive-industry output by more than 1.5 times. The share of high-value-added industries grew from 15 percent to 18.4 percent.

Putin calls for new investment cycle to boost Russian economy