Mainland China real estate market rescue | Shanghai, Guangzhou, and Shenzhen announced relaxation of real estate market purchase restrictions Guangzhou – Hong Kong Economic Daily – Instant News Channel – Live Finance – Stock Market

The People’s Bank of China on Sunday afternoon (September 29).nameA series of measures including changing existing mortgage interest rates, authorities in the first-tier cities of Shanghai, Guangzhou and Shenzhen announced on the same night that they would relax restrictions on property market purchases , minimum payout ratios, and even purchase restrictions on non-first-. properties of time. The Guangzhou Municipal Government announced that it has lifted a number of purchasing restrictions on households buying housing in the city, the first of its kind in a first-tier city.

On Monday (September 30), mainland property stocks rebounded strongly again, with some assets based in Shenzhen and Guangzhou rising sharply. Kaisa Group （01638）
It has risen as much as 74%, and recently it rose 50%, with a trading volume of NT $ 42 million It is currently the best performing Chinese property stock in the morning. Hopson’s development (00754)
increased by 48%. Fantasia Holdings （01777）
has grown 37%.

Yuexiu Real Estate （00123）
It once rose 17%, and the most recent rise fell back to 7%.

To strictly implement the decisions and resolutions of the Party Central Committee and the State Council, respond to the public’s concerns, and promote the stable and healthy development of the real estate market, courtesy of the Guangzhou Municipal People’s Government , various purchase ban policies for the purchase of housing in this city have been suspended.

This notice will be officially implemented as of September 30, 2024. If the original policy is inconsistent with this notice, this notice will prevail.

Shanghai: Elimination of purchase restrictions and down payment ratio from October 1

Shanghai Housing and Urban-Rural Building ManagementA new round of measures to support the property market was announced on Sunday, including changes to housing purchase restrictions, optimization of housing credit policies and changes to housing tax policies, and will be implemented from 1 October.

1. Change the housing purchase restriction policy

(1) For families and single people who are not registered residents of this city and who buy housing outside the outer ring road, the number of years required to pay social insurance or tax Change personal income to pay for the purchase of the house to one year. or more consecutive payments prior to the date of purchase.

(2) Non-local families who have a “Shanghai Residence Permit” and whose points reach the normal value and who have paid social insurance or personal income tax in the this city for three years or more receive the same benefits as registered residents of Shanghai in purchasing housing units.

(3) Implement a more differentiated housing purchase policy in the Lingang New Area of ​​the Free Trade Zone For organizations that work in the new area and have a division of labor housing, on the basis of implementing the restriction policy buying existing housing, they can buy additional housing in the new area.

2. Develop housing credit policies

(1) Implement the national policy on reducing existing mortgage interest rates, directing commercial banks to consistently and systematically reduce existing mortgage interest rates to close to new loan interest rates, and to further reduce home buyers’ mortgage interest costs.

(2) The minimum down payment ratio for commercial personal housing loans for first homes has changed to 15%. The minimum down payment ratio for commercial personal housing loans for second homes has changed to a minimum of 25%; The minimum down payment ratio for housing supply fund loans will be adjusted accordingly.

3. Change in housing tax policies

(1) Change the value added tax collection period from 5 years to 2 years.

(2) According to national work arrangements, quickly eliminate standard housing standards and non-standard housing standards to reduce housing transaction costs and better meet residents’ needs for improved housing.

Shenzhen: Starting from October 1, families registered in this city are limited to buying two apartments, and 7 districts can buy one more apartment.

The Shenzhen Municipal Housing and Construction Bureau and other departments announced that, starting from October 1, a number of real estate market measures will be implemented, including relaxing the purchase restriction policy for residents registered in the city Each family is limited to buying two houses, and 7 districts can buy an additional house. Non-Shenzhen residents are limited to purchasing one unit. The steps included in the release are as follows:

1. Optimize the regional housing purchase restriction policy

(1) Families with registered residence in this city (including families with some family members registered as residents of this city, same as below) are limited to buying two houses, and adult singles with registered residence in this city (including divorce, same thing). below) limited to buying one house. Based on the implementation of the above house purchase ban policy, one more house can be purchased in Yantian District, Bao’an District (except Xin’an Street and Xixiang Street), Longgang District, Longhua District, District Pingshan, Guangming District, and Dapeng New District housing.

(2) Families and single adults who do not live in this city are limited to purchasing one apartment. When you buy a house in Futian District, Luohu District, Nanshan District, and Xin’an Street and Xixiang Street in Bao’an District, you must provide proof of continuous payment of income tax. personal entry or social insurance in this city one year before the date. date of purchase. When you buy a house in Yantian District, Bao’an District (except Xin’an Street and Xixiang Street), Longgang District, Longhua District, Pingshan District, Guangming District, and Dapeng New District, no income tax is required provide personal income or social insurance certificates.

Families with two or more minor children who are not registered residents of this city may purchase one additional house on the basis of implementing the above housing purchase restriction policy.

(3) The Shenzhen-Shantou Special Cooperation Zone shall implement the current policies.

2. Remove restrictions on movement of commercial houses and industrial flats

Commercial residential buildings and industrial apartments can be listed for trading after obtaining a real estate registration certificate.

3. Optimize the price filtering process for residential and commercial properties

For commercial residential and commercial projects, the real estate development enterprise shall independently and objectively determine the selling price, and report to the market management department for filing and copy to the district-level housing construction department. If there is any other agreement about a commercial housing project that acquires residential land through bidding, auction, and listing, the original agreement will prevail.

4. Change of the value-added tax exemption period for the transfer of personal residences

The value added tax collection period for personal residence transfers will be changed from 5 years to 2 years.

5. Develop personal housing loan policies

(1) The minimum down payment ratio for commercial personal housing loans for first homes has changed to 15%, and the minimum down payment ratio for commercial personal housing loans for second homes has been changed to 20%.

(2) Households purchasing a house and single adults who have a house already registered as an unsecured mortgage or who have only one registered mortgage loan (including mortgage contract filing information) apply to the newly purchased house when handling personal housing loan business Second home loan policy.

(3) Residential families with two or more minor children who purchase a second home may apply the first home loan policy when handling personal home loan business.

(4) The minimum down payment ratio for commercial personal housing loans for the first and second houses in the Shenzhen-Shantou Special Cooperation Zone will be changed to 15%, and the lower limit on interest rates will be changed to cancel.

6. Accelerate the construction of a new model of real estate development

Improve the “market + security” housing supply system, promote the establishment of new mechanisms to connect “people, housing, land​​​​​​​​​​and money”, and accelerate the construction of a new real estate development model. Develop and adjust the scale, layout and structure of residential land based on the decay cycle of commercial housing and stock status of residential land. Conduct a pilot sale of existing houses, gradually increase the proportion of existing houses sold on newly supplied land, and encourage the redevelopment of the -system of sales in an orderly manner. Give full play to the role of the urban real estate financing coordination mechanism and meet the reasonable financing needs of real estate enterprises with different properties without discrimination.

This notice will be effective October 1, 2024. If the original policy is inconsistent with this notice, this notice will prevail.