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Since the beginning of this year, the "old for new" policy for commercial housing has become a hot topic, and many places in Jiangsu have issued corresponding implementation rules for the "old for new" policy.

Recently, Wuxi Liangxi Urban Development Group Co., Ltd. (hereinafter referred to as "Liangxi Urban Development Group") issued the 3.0 version of the announcement on the old-for-new commercial housing exchange, further expanding the scope of application of the city's "old-for-new" policy to high-quality apartments and high-quality shops throughout Wuxi, and including the existing second-hand commercial housing in Suzhou and Changzhou.

This also means that Wuxi has become the first city in the country to actively break regional restrictions and implement the "old for new" policy for commercial housing across cities.

Trade-in Version 3.0

The so-called "old for new" housing policy refers to government-designated agencies or real estate companies encouraging and helping existing residents to sell their old homes and exchange them for new ones through acquisition, replacement, and subsidies.

Since the beginning of this year, various parts of the country have intensively launched the "old for new" housing policy, hoping to release the demand for home improvements.

Statistics show that more than 100 cities across the country have introduced "old for new" housing policies.

Unlike most other cities, the 3.0 version of the old-for-new announcement issued by state-owned enterprises in Liangxi District, Wuxi City has upgraded measures.

In the original announcement, Liangxi Chengfa Group designated an entity to purchase the existing second-hand commercial housing in Wuxi (excluding housing reform houses, private houses, and office properties). This time, the scope has been expanded as follows: increasing the acquisition of high-quality apartments and high-quality shops in Wuxi; increasing the acquisition of existing second-hand commercial housing in Suzhou, Changzhou and other cities; increasing the exchange of multiples for one; increasing the change of new and old property rights owners of direct relatives; and increasing participation in new real estate projects.

Second-hand commercial housing can be exchanged

The biggest highlight of the 3.0 version of the old-for-new policy is that the scope of application of Wuxi’s “old-for-new” policy includes all the existing second-hand commercial housing in Suzhou and Changzhou.

Liangxi Urban Development Group clearly stated in the "Registration Instructions": Residents in Wuxi, Suzhou, Changzhou and other cities who own properties within the scope of the above clauses (residents have normal personal credit, no bad loan records and have the right to dispose of the old house) can participate in the old-for-new exchange and purchase commercial housing in the controlled real estate projects under the Liangxi Urban Development Group in Wuxi.

The acquired property should have a real and valid property ownership certificate and ensure that the ownership is clear.

It supports one-for-one, one-for-many, and many-for-one, that is, one second-hand property is exchanged for one new house or multiple new houses, and multiple second-hand properties are exchanged for one new house. The total price of existing second-hand properties must not exceed 60% of the total price of new houses.

Before the transfer is completed, the existing second-hand property must be unsecured and all related fees (including but not limited to property fees, water fees, electricity fees, gas fees, etc.) must be settled. The residential property must be delivered in a vacant state according to the agreed time in the tripartite agreement and be cleaned at the same time. Non-residential properties can be transferred with a lease.

The announcement shows that customers who want to replace their properties in the entire city of Wuxi need to bring their original ID card and the original property certificate of the second-hand property, register at the marketing center of the property they intend to purchase, fill out the "Application Form for Replacement of Existing Commercial Housing", and pay a deposit of 10,000 yuan.

Customers who want to exchange properties in Suzhou, Changzhou and other cities, as well as customers who need to exchange properties that are about to be listed, can register through the Liangcheng Meijing online pre-registration channel. After receiving the official registration notice, the customer himself will go to the marketing center of the intended exchange property with the original ID card and the original property certificate, fill out the "Existing Commodity Housing Exchange Application Form", and pay an intention fee of 10,000 yuan.

The greatest innovation

"The latest policy of 'trading old for new' for commercial housing released by Liangxi District in Wuxi is the most innovative policy among more than 100 cities in China." Yan Yuejin, deputy director of Shanghai E-House Real Estate Research Institute, told the Securities Times e-company reporter that Wuxi has innovated several new practices of trading old for new, including increasing the acquisition of high-quality apartments and shops in the city, increasing the acquisition of second-hand houses in cities such as Suzhou and Changzhou, increasing the exchange of multiple houses for one, and increasing the change of new and old property rights of direct relatives. "From these points alone, they are not mentioned by other cities across the country. Wuxi's innovative measures in such fields as second-hand housing are worth learning."

"The most popular policy is that it has opened up the innovation of cross-city 'old for new'." Yan Yuejin said that landlords in Suzhou and Changzhou can replace their second-hand houses in their cities and buy new houses in Wuxi. "This will also help landlords in these areas optimize properties in different areas, especially for buyers who want to settle down in Wuxi. Participating in such old for new programs has a positive effect."

Yan Yuejin also believes that such practices will help the flow of talents and young people in Suzhou, Wuxi and Changzhou and are also an important manifestation of the "housing follows people" policy. "In the past few years, there have been many cases of cross-city home purchases, especially the so-called home purchases around Beijing and Shanghai." Yan Yuejin further suggested that such regions or related urban agglomerations, metropolitan areas, etc. can take the lead in implementing cross-city "old for new" work and comprehensively consider the "selling second-hand houses for new houses" work in the metropolitan areas.

Editor: Chen Lixiang

Proofread by: Tao Qian

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