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High-ranking and key officials of China’s four top-tier cities, namely Beijing, Shanghai, Guangzhou, and Shenzhen, will convene a meeting this month, in which they will have discussions about adjusting and optimizing real estate-related policy measures, Chinese newspaper The Economic Observer reported, citing people familiar with the matter.
Chinese cities’ governments appeared to be well-prepared for policy optimization, only awaiting a signal, more concrete guidance and clearly defined parameters for the optimization, the report said.
The Politburo of the CPC Central Committee said at a key policy meeting last month that the supply and demand situation in China’s real estate market has changed fundamentally and China should optimize the real estate policy in accordance with the change.
After the Politburo meeting, Ning Hong, the Minister of Housing and Urban-Rural Development, said at a forum on July 10 that the authority will vigorously support rigid and upgrading-based housing demand and urged local government to takes measures such as lower downpayment ratio and home mortgage rates for first-home buyers, fee reduction for home purchases for housing upgrading and adjusting rules for recognizing eligibility of first-time home buyers.
Last week, the four tier-one cities issued statements, vowing to support the real estate market, but they haven’t release detailed measures.