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real estate news!

the people's bank of china (hereinafter referred to as the "central bank") and the state administration of financial supervision today issued two financial support real estate policies, including optimizing the minimum down payment ratio for personal housing loans and extending the period of some real estate financial policies.

in addition, on the same day, the central bank also issued an announcement on improving the interest rate pricing mechanism for commercial personal housing loans and answered reporters' questions, and guided the market interest rate pricing self-discipline mechanism to issue the "initiative on batch adjustments to existing housing loan interest rates." (for details, please click: big news! existing mortgage interest rates will be adjusted in batches before october 31st! how to adjust? how much can be adjusted? read this article →)

on the same day, the central bank also issued the "notice of the general office of the people's bank of china on optimizing relevant requirements for refinancing of affordable housing."

notice of the people's bank of china and the state administration of financial supervision on optimizing the minimum down payment ratio policy for personal housing loans

the shanghai headquarters of the people's bank of china, branches in all provinces, autonomous regions, municipalities directly under the central government and cities under separate state planning; all supervisory bureaus of the state financial supervision administration; state-owned commercial banks of various countries, postal savings bank of china, and all joint-stock commercial banks:

in order to implement the decisions and arrangements of the party central committee and the state council, support the rigid and diversified housing needs of urban and rural residents, and promote the stable and healthy development of the real estate market, the relevant matters regarding personal housing loan policies are hereby notified as follows:

for households purchasing a house with a loan, commercial personal housing loans no longer distinguish between first and second homes, and the minimum down payment ratio is unified to no less than 15%.

on the basis of the national unified minimum down payment ratio, all provincial branches of the people's bank of china and all dispatched offices of the state financial supervision and administration bureau shall independently determine whether to set different policies in each city under their jurisdiction based on the principle of city-specific policy implementation and the regulatory requirements of the governments of each city under their jurisdiction. establish a standardized minimum down payment ratio policy and determine the lower limit of the minimum down payment ratio in each city under its jurisdiction.

people's bank of china

state financial supervision and administration bureau

september 24, 2024

notice of the people's bank of china and the state administration of financial supervision on extending the period of some real estate financial policies

the shanghai headquarters of the people's bank of china, branches in all provinces, autonomous regions, municipalities directly under the central government and cities under separate state planning; all supervisory bureaus of the state financial supervision and administration bureau; china development bank, agricultural development bank, state-owned commercial banks of various countries, postal savings bank of china, and all joint-stock commercial banks; trust companies, insurance companies, financial asset management companies:

in order to implement the decisions and arrangements of the party central committee and the state council, meet the reasonable financing needs of the real estate industry, and promote the stable and healthy development of the real estate market, the relevant matters are hereby notified as follows:

1. the application of the reasonable extension policy for existing financing such as development loans and trust loans in the "notice of the people's bank of china and the china banking and insurance regulatory commission on the current financial support for the stable and healthy development of the real estate market" (yinfa [2022] no. 254) the period has been extended to december 31, 2026.

2. if the relevant policies in the "notice of the general office of the people's bank of china and the general office of the state financial supervision and administration on the management of commercial property loans" (yinbanfa [2024] no. 8) have an applicable period, the applicable period will be extended to 2026 december 31, year.

people's bank of china

state financial supervision and administration bureau

september 24, 2024

notice of the general office of the people's bank of china on optimizing relevant requirements for refinancing of affordable housing

china development bank, all policy banks, state-owned commercial banks, postal savings bank of china, and all joint-stock commercial banks:

in order to support local state-owned enterprises in acquiring completed and unsold commercial buildings at reasonable prices for use as affordable housing and further enhance market-based incentives for financial institutions and acquisition entities, the people's bank of china decided to adjust and optimize matters related to refinancing of affordable housing. for qualified loans issued by financial institutions, the proportion of re-loans issued by the people's bank of china to financial institutions will be increased from 60% to 100% of the loan principal.

if previous relevant policy provisions are inconsistent with this notice, this notice shall prevail. other elements, operating procedures and work requirements for affordable housing refinancing will continue to be implemented in the "notice of the people's bank of china on matters concerning the establishment of affordable housing refinancing" (yinfa [2024] no. 110), the "notice of the people's bank of china and the state administration of financial supervision" notice on the implementation of refinancing of affordable housing (yinfa [2024] no. 135).

general office of the people's bank of china

september 27, 2024

editor: wan jianyi

proofreading: liu rongzhi

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