Â
>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<
Â
Â
More than 30 Chinese cities have unveiled policy measures to support home purchases by households with two or three children, including relaxing purchase restrictions, increasing loan amounts from the housing provident funds and offering subsidies for home purchases.
On Monday, Hangzhou city, capital of East China’s Zhejiang province, said that the maximum loans three-child households can borrow from the Housing Provident Fund when they buy their first homes will be increased by 20%.
On July 31, Cangzhou, North China’s Hebei province introduced preferential policies to increase the amount of housing provident fund loans for multi-child families. The maximum loan amount for a two-child family increased by 100,000 yuan, and that for a three-child family by 200,000 yuan. On July 22, Changsha in Central China’s Hunan province announced that the maximum amount of housing provident fund loans for families with three children was increased to 800,000 yuan.
China’s housing provident fund is a long-term savings plan established in the 1990s, made up of compulsory monthly contributions by both employers and employees. Loans by the fund offer lower interest rates than commercial bank loans.