Translation. Region: Russian Federal
Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
SHANGHAI, Aug. 25 (Xinhua) — Shanghai on Monday introduced a raft of measures to further boost the property sector, including lifting restrictions on home purchases in suburban areas.
The measures will take effect on Tuesday, August 26, according to a circular issued by six local departments, including the Shanghai Housing and Urban-Rural Development Commission.
Households with Shanghai residence registration, as well as households without local residence registration who have continuously contributed to the social security fund or paid personal income tax in Shanghai for one year or more, are not limited in the number of units of housing they can purchase outside the outer ring road, according to the circular.
Single adults will receive the same benefits as the above households.
The circular also stated that home buyers will receive greater support from the housing savings fund to help pay their down payment.
Those who buy new eco-friendly homes will be eligible for a 15 percent increase in the maximum loan amount from the housing savings fund. For first-home purchases, the upper limit of the loan amount has been raised to 1.84 million yuan (about $258,600). However, for families with many children, the limit has been increased to 2.16 million yuan.
Homebuyers can even withdraw their own or their spouse's funds from their home savings fund for a down payment on a new commercial home sold before completion.
In addition, banks will not differentiate between first and second home purchases, further reducing the interest burden on home buyers, as second home purchases often come with higher mortgage rates.
Families without local registration will be temporarily exempt from paying property tax when purchasing their first home. When purchasing a second or subsequent property, members of such families will be entitled to an exemption from paying property tax of 60 square meters per family member. -0-
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