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Copyright © 2024 CGTN. 京ICP备20000184号
Disinformation report hotline: 010-85061466
A residential area in Huangpu District, Shanghai, China, May 28, 2024 /CFP
Authorities in Shanghai rolled out a slew of measures on Monday to provide further targeted support for home buyers.
Encompassing nine specific measures, the policies aim to better meet the diversified living needs of the city's residents.
Major measures include further easing home-purchase restrictions for non-Shanghai residents and divorced couples, allowing families with two or more children to purchase an additional home, and lifting the lending cap for mortgages under the housing provident fund, which is a long-term housing savings plan requiring compulsory monthly deposits from both employers and employees.
The minimum down-payment 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 down-payment ratio for second-home purchases in the Shanghai Pilot Free Trade Zone Lingang New Area and six suburban districts has been adjusted to 30 percent.
A residential area in Huangpu District, Shanghai, China, May 28, 2024. /CFP
The policy package unveiled by Shanghai came after the central Chinese government introduced a slate of major policies to boost the real estate market on May 17.
As the first to release a stimulus package for the sector among China's first-tier cities, Shanghai's move will play a positive guiding role for others, Yan Yuejin, research director at E-house China R&D Institute, told financial news outlet Yicai.
In the long run, the implementation of the new policies will better guide market expectations and strengthen market confidence, and thereby further support the stable and healthy development of Shanghai's property sector, he added.
(With input from Xinhua)