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The local government of Zhangshu city, central China’s Jiangxi province, will provide subsidies of 300 yuan per square meter to first-time home buyers that purchase newly built homes, and 200 yuan per square meters to other new home buyers, effective in the period of July 1- December 31, 2022, according to a notice on promoting healthy development in the real estate market on Monday.
Households with two or three children will receive subsidies of 300 yuan per square meter and 500 yuan per square meter, respectively, when they buy newly built homes, according to the notice.
Those who buy newly built non-residential properties will receive subsidies of 300 yuan per square meter, it said.
In addition, the local government will provide subsidies of 1,000 yuan to property brokers for each home property they sell during the period, it said.
It will also guide commercial banks to increase home mortgage loans and lower downpayment requirement ratio for first-time home buyers to 20% and for second-home buyers to 30%, the authority said.
The downpayment requirement ratio for first-time home buyers who borrow from the Housing Provident Fund will also be lowered to 20% and the maximum they can borrow from the fund will be raised to 800,000 yuan, according to the document.