China’s Tianjin loosens housing policies in alignment with national trends
Date
5/29/2024 4:53:56 AM
(MENAFN) Tianjin Municipality in North China has joined a growing list of Chinese cities in implementing relaxed housing policies to revitalize its property sector. A circular issued by local authorities on Wednesday outlined key adjustments, including a reduction in the minimum down-payment ratio for individual commercial housing mortgages.
For first-home purchases, the down-payment requirement has been lowered to 15 percent, while second-home purchases now require a down payment of 25 percent. Additionally, Tianjin has eliminated lower limits for individual commercial housing mortgage rates, empowering banks to set lending rates based on factors such as operational conditions and customer risks.
These policy changes, effective immediately, reflect Tianjin's proactive response to national trends aimed at bolstering the real estate market. The city's decision follows similar measures implemented by prominent Chinese cities like Beijing, Shanghai, Hangzhou, Chengdu, Guangzhou, and Shenzhen. These measures include relaxed purchase restrictions, reduced down-payment and mortgage rates, and the introduction of trade-ins for commercial housing.
The municipal government of Guangzhou announced reduced down-payment ratios for home buyers in the city, aligning with the broader trend of housing policy adjustments. Moreover, non-Guangzhou residents now have the opportunity to purchase two homes in six districts of the city, provided they have a documented history of paying social insurance or income tax for at least six months. This revision marks a significant departure from previous requirements, which mandated a two-year residency for non-local residents seeking to purchase property.
Tianjin and other Chinese cities are striving to stimulate housing demand, promote market vitality, and support economic growth in the wake of evolving challenges. These policy adjustments underscore the government's commitment to fostering a stable and sustainable real estate market while addressing the diverse needs of homebuyers and investors.
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