Qingdao lowers downpayment ratio, relaxes home resale restrictions in some parts of city to support housing market

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The city of Qingdao, in East China’s Shandong Province, relaxed home purchase restrictions in some areas to boost the housing market, according to the local government-backed news media. 

In the areas with no home purchase restrictions, the minimum downpayment requirement for first-home purchases is lowered to 20% and that for second-home purchases is cut to 30%, while the downpayment requirement for areas with home purchases restrictions in place stays unchanged at 30% for first-home purchases and 40% for second-home purchases, it said.

Restrictions for home resale will be relaxed and new home buyers will be able to resell the properties after three years of the purchases, compared to five years in the previous rules, while that for second-hand home shortened to one year from two years, it said.