Shanghai issued a set of measures on Monday to optimize the real estate market, including the ease of home-buying restrictions for non-Shanghai residents and families with multiple children.
To better meet people’s practical demand for housing, the Shanghai Housing Administration and three other departments jointly issued a series of measures, aiming at bridging the housing gap and satisfying people’s diversified housing needs and demand for improvement of living conditions.
Major measures include easing home-purchase restrictions further 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 involving the social welfare housing provident fund.
In detail, the measures loosen the restrictions for non-Shanghai residents to purchase a home by shortening the time of social security or personal income tax payments from “five years and above” to “three years and above” before they become eligible to purchase a home.
Meanwhile, families with two or more children (including both local and non-local residents) can purchase one more home besides the existing housing purchase restriction policy.
Furthermore, 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.
In terms of improving the living conditions of families in financial difficulty, there is expanded coverage of families that can get subsidy with renewed subsidy standards.
They are among the measures, which will take effect on Tuesday.
Shanghai’s move came in tandem of China’s intensive changes of its home purchase policies these days.
Chinese cities, including Beijing, Tianjin, Hangzhou, Xi’an, and Chengdu, have adjusted real estate policies in the past month, with measures such as eased purchase restrictions and the trade-ins of commercial housing, to further release the housing demand and promote the healthy development of the real estate market.