THE STAR. 1ST AUGUST: Local housing authorities in some first-tier cities, including Beijing, Shenzhen and Guangzhou, will put new property policies in place, better meet people’s basic and upgraded demands for housing, promoting a stable and healthy development of the real estate market.
These announcements came after the Political Bureau of the Communist Party of China Central Committee held a meeting on July 24 to analyse the current economic situation and help boost the economy in the second half of the year.
These responses will allow first-tier cities to implement the policies unveiled by the central government and the Housing and Urban-Rural Development Ministry, Securities Times reported.
This is also proof that some supporting policies previously launched in second and third-tier cities may be expanded into first-tier cities, the paper added.
Overall, China’s real estate sector has changed to a buyer’s market from a seller’s market, and corresponding regulation policies have changed from cooling the overheated market to a warming market.
The policies unveiled should be optimised, the paper said, adding it’s predictable that supporting policies will be unveiled soon in some first-tier cities.
As the bellwether of China’s real estate market, Beijing’s property regulation policies are among the harshest in the country.
For example, second-home purchases in the capital city demand a minimum down payment of 60% for ordinary homes and 80% for non-ordinary homes.