Shanghai yesterday introduced a series of measures aimed at stimulating its property sector, including the removal of purchase restrictions on suburban homes. The new rules, effective today, were issued by six local departments, including the Housing and Urban-Rural Development Commission.
Under the measures, families with local household registration and non-local residents with at least one year of social insurance or tax records can buy unlimited homes outside the outer ring road. Adult singles receive the same treatment.
Homebuyers will also benefit from expanded housing provident fund support. Loans for new green housing can increase by up to 15 percent, with ceilings raised to 1.84 million yuan ($258,600) for first-time buyers and 2.16 million yuan for families with multiple children. Buyers may also use their own and their spouse’s provident fund for down payments. Banks will no longer differentiate between first- and second-home purchases, easing mortgage burdens, and some property tax exemptions apply to non-local households. LV
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