Cities of Taizhou, Luzhou ease property curbs to support housing market

 

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Another two Chinese cities relaxed property curbs in a bid to bolster the struggling housing market. Tanzhou city, East China’s Zhejiang province, will raise the maximum amount homebuyers can borrow from the Housing Provident Fund to 500,000 yuan – 1 million yuan, effective from July 21 till the end of 2022, according to a notice released by the local authority on Monday.

In particular, for households with three children, the maximum borrowing from the Housing Provident Fund will raised by another 20%, according to the notice.

In addition, the downpayment requirement ratio for homebuyers who borrow from the housing provident fund for the first time will be lowered to 20% from 30%, showed the notice.

Luzhou city, southwest China’s Sichuan province, will lower downpayment requirement ratio for homebuyers who borrow from the Housing Provident Fund, effective till April 30, according to a notice released by the local authority on Monday.

For first-time home buyers, the ratio will be lowered to 20% from previous 30% if they buy new homes and to 30% from previous 40% if they buy pre-owned homes, according to the notice.

For second-home buyers, the ratio will be lowered to 30% from previous 50% if they buy new homes and to 40% from 50% if they buy pre-owned homes, the notice said.