(MENAFN) Shanghai authorities unveiled a comprehensive set of measures on Monday aimed at providing targeted support to homebuyers, signaling a concerted effort to address the evolving needs of residents.

Consisting of nine specific initiatives, the move seeks to enhance the accessibility of housing options and cater to the diverse requirements of the city's populace.

Key measures include the further relaxation of home-purchase restrictions for non-Shanghai residents and divorced couples, facilitating property acquisition for families with two or more children, and removing the lending cap for mortgages linked to the housing provident fund. The housing provident fund is a savings plan where both employers and employees make compulsory monthly deposits towards housing expenses.

Moreover, adjustments have been made to the minimum downpayment requirements for individual commercial housing mortgages. For first-home purchases, the minimum downpayment ratio has been reduced to 20 percent, while for second-home purchases, it stands at 35 percent. Notably, in the Shanghai Pilot Free Trade Zone Lingang New Area and six suburban districts, the minimum downpayment ratio for second-home purchases has been further adjusted to 30 percent.

These measures reflect Shanghai's proactive approach to fostering a more inclusive housing market and promoting homeownership among its residents, with a focus on easing financial burdens and enhancing accessibility to housing options.

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