Authorities in Shanghai have rolled out a comprehensive package of measures aimed at stimulating the city’s property market and catering to the diverse housing needs of its residents.
Announced on Monday, the package includes nine specific policies designed to provide targeted support for home buyers. Key measures involve easing home-purchase restrictions for non-Shanghai residents and divorced couples, allowing families with two or more children to purchase an additional home, and increasing the lending cap for mortgages under the housing provident fund—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. In a bid to further stimulate the market in specific areas, 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.
These policy adjustments reflect Shanghai’s commitment to promoting a stable and healthy property market. By reducing financial barriers and expanding eligibility, the city aims to invigorate the real estate sector while addressing the evolving needs of its population.
Reference(s):
Shanghai releases major policy package to stimulate property market
cgtn.com
