Tianjin Municipality in China revokes home buying bans
Date
10/17/2024 12:42:41 AM
(MENAFN) On Wednesday, Tianjin Municipality in North China announced the abolition of restrictive measures related to home purchases, joining the trend of major Chinese cities revising their housing policies to stabilize the Real estate market. The decision was communicated through a circular issued by six governmental departments, including the municipal housing and urban-rural construction commission. This circular indicates the lifting of restrictions on both the purchase and transfer of new and second-hand homes, along with the removal of price caps on new commodity housing sales.
In an effort to align with national financial support policies, the circular also standardized the minimum down payment ratio for personal housing loans at 15 percent. This applies universally, irrespective of whether the property being purchased is a first or second home. The new policies took effect immediately on Wednesday.
Tianjin, located close to Beijing, has a significant population of over 13 million residents. The adjustments to the housing market come in response to a recent meeting of the Political Bureau of the Communist Party of China Central Committee, which emphasized the importance of reversing the downturn in the real estate market and stabilizing conditions.
Following this meeting, several other major cities, including Beijing, Shanghai, Guangzhou, and Shenzhen, have made similar adjustments to their real estate policies. These cities have introduced a range of measures aimed at revitalizing their local property markets, reflecting a broader effort to support the sector during challenging economic conditions.
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