Three Megacities Introduced New Measures To Support Real Estate Market In China
Date
10/1/2024 5:12:47 AM
(MENAFN- AzerNews)
By Alimat Aliyeva
The authorities of Shanghai, Guangzhou and Shenzhen have
adjusted their policies in order to support the Real estate market,
Azernews reports.
Starting from September 30, Guangzhou canceled checks on
compliance with the criteria for purchasing housing, as well as
restrictions on the number of houses that families and individuals
can buy with or without registration in the city.
In Shanghai, from October 1, the minimum down payment on a
mortgage is reduced to 15% from 20% for first-home buyers and to
25% from 35% for second-home buyers. Commercial banks will also be
advised to reduce interest rates on mortgages already issued, and
in some areas of the city the criteria for buying a home will be
further relaxed.
On September 29, the Shenzhen authorities announced a reduction
in down payments and optimization of restrictions on the purchase
of housing in specific areas.
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