Three megacities introduced new measures to support real estate market in China

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.