Home buying sentiment picks up after adopting policy of using home ownership instead of mortgage records for first-home qualification – housing ministry official
Home buying sentiment picks up after adopting policy of using home ownership instead of mortgage records for first-home qualification – housing ministry official

Home buying sentiment picks up after adopting policy of using home ownership instead of mortgage records for first-home qualification – housing ministry official

 

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After China’s Ministry of Housing and Urban-Rural Development earlier this month introduced the policy of using home ownership instead of mortgage loan records for recognizing first-home buyer qualification, at least 24 Chinese cities have fully implemented the policy measure, including first-tier cities such as Beijing, Shanghai, Guangzhou, and Shenzhen, according to the cities’ announcements.

Based on the implementation situation of the policy, the market’s response to the policy adjustment has been generally positive, said Pu Zhan, deputy director of the Policy Research Center at the housing ministry, said in an interview with state broadcaster CCTV. 

The overall willingness of home purchases in the country has increased by about 15 percentage points, with even higher upticks in first-tier cities, said Pu, citing an unnamed survey.

The four tier-one cities are hot-spot real real estate markets and their policy adjustments be a guidance for neighbouring cities, she said.