China’s top-tier cities vowed to introduce policies to better meet housing demand after top authorities called for more efforts to real estate market

 

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China’s top-tier cities including Beijing, Shenzhen and Guangzhou vowed to introduce new policies to support the property sector and better meet housing demand. 

The Housing and Construction Bureau of China’s capital city Beijing said on Saturday that the authority will vigorously support and better meet the rigid and improvement-based housing demand and promote the stable and healthy development of the city’s real estate market. 

The authorities in Guangzhou and Shenzhen also said during the weekend that it would introduce measures soon to meet rigid and improvement-based housing demand.

Last week, the Minister of Housing and Urban-Rural Development Ni Hong called for lowering downpayment and mortgage rates for first-time home buyers and urged cities to relaxing rules to make homebuyers who had paid off previous mortgages considered as first-time purchasers. Many buyers in big cities who have a mortgage history but don’t currently own a property are subject to higher down-payment rules.

The Politburo of the Communist Party of China Central Committee on July 24 held a meeting to analyze the current economic situation and make arrangements for economic work in the second half of the year. 

The meeting noted that China’s real estate policies should be optiemized in a timely manner and the policy toolkit should be well utilized with city-specific measures to better meet residents’ housing demand and their needs for better housing, and advance the stable and sound development of the real estate market.