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on sunday night, favorable policies for the property market were released intensively! three first-tier cities including shanghai, shenzhen and guangzhou have collectively introduced new policies for the property market.

among them, guangzhou has completely canceled purchase restrictions; shenzhen has adjusted the minimum down payment ratio for commercial personal housing loans for first homes to 15%, and the minimum down payment ratio for commercial personal housing loans for second homes to 20%.

on the same day, the time for reducing the interest rates of existing mortgage loans was clarified. all commercial banks should uniformly implement batch adjustments to the interest rates of existing mortgage loans (including first homes, second homes and above) before october 31, 2024, and reduce them to no less than lpr minus 30 basis points. in principle, the 18 national commercial banks will issue operating rules no later than october 12.

that night, the four major state-owned banks, icbc, china construction bank, agricultural bank of china and bank of china, officially announced that they will issue specific operating rules starting from october 12, and batch adjustments will be completed by october 31, 2024.

in addition, the people's bank of china and the state administration of financial supervision issued a notice on optimizing the minimum down payment ratio policy for personal housing loans. the notice shows that for households purchasing housing with loans, commercial personal housing loans will no longer distinguish between first and second homes, and the minimum down payment ratio will be the down payment ratio is uniformly no less than 15%.

check out the detailed report!

shenzhen, shanghai and guangzhou introduce new property market policies

on the evening of september 29, the shenzhen municipal housing and construction bureau, the state administration of taxation shenzhen municipal taxation bureau, the shenzhen branch of the people's bank of china, and the shenzhen supervision bureau of the state financial supervision and administration jointly issued the "on further optimizing policies and measures for the stable and healthy development of the real estate market" notify".

it is proposed to optimize personal housing loan policies. the minimum down payment ratio for commercial personal housing loans for the first home is adjusted to 15%, and the minimum down payment ratio for commercial personal housing loans for the second home is adjusted to 20%; house-purchasing households and adult singles who already have houses under their names do not need to register a mortgage. or if there is only one mortgage registration (including mortgage contract filing information), the second home loan policy may be applied to the newly purchased home when handling personal home loan business. residential families with two or more minor children who purchase a second home can apply the first home loan policy when handling personal housing loan business; shenzhen-shantou special cooperation zone first home and second home commercial personal housing the minimum down payment ratio for loans is uniformly adjusted to 15%, and the lower limit on interest rates is cancelled.

in addition, the period for tax collection and exemption of value-added tax on the transfer of personal housing has been adjusted from 5 years to 2 years. remove restrictions on the transfer of commercial housing and commercial apartments. commercial housing and commercial apartments can be listed for trading after obtaining the real estate registration certificate.

optimize the zoning housing purchase restriction policy:

1) families with registered residence in shenzhen (including families with some family members registered as residents in this city, the same below) are limited to purchasing 2 houses, and adult singles with registered residence in this city (including divorced, the same below) are limited to purchasing 1 house. on the basis of the implementation of the above housing purchase restriction policy, one more unit can be purchased in yantian district, bao'an district (excluding xin'an street and xixiang street), longgang district, longhua district, pingshan district, guangming district, and dapeng new district housing.

2) families and adult singles who are not registered residents in shenzhen are limited to purchasing one house. to purchase a house within futian district, luohu district, nanshan district and baoan district’s xin’an street and xixiang street, you must provide proof of continuous payment of personal income tax or social insurance in this city one year before the date of purchase. when purchasing a house in yantian district, bao'an district (excluding xin'an street and xixiang street), longgang district, longhua district, pingshan district, guangming district, and dapeng new district, there is no need to provide personal income tax or social insurance certificates.

non-shenzhen resident families with two or more minor children can purchase one more house on the basis of implementing the above-mentioned housing purchase restriction policy.

3) the shenzhen-shantou special cooperation zone shall implement its policies in accordance with its current policies.

in addition, on the evening of september 29, guangzhou issued a notice canceling various purchase restriction policies for residential households to purchase housing. that night, the general office of the guangzhou municipal people's government issued the "notice on adjusting measures for the stable and healthy development of the real estate market." the notice clarified that various purchase restriction policies for residential households to purchase housing in this city will be cancelled, and the notice will be officially implemented from september 30, 2024.

after the adjustment of the purchase restriction policy, guangzhou’s household registration, non-household registration resident families and single persons purchasing houses within the city will no longer be reviewed for house purchase qualifications, and there will no longer be restrictions on the number of houses purchased.

on september 29, the shanghai municipal housing and urban-rural development management committee and other departments issued the "notice on further optimizing policies and measures for the city's real estate market" stating that the housing purchase restriction policy will be adjusted. for families and single persons who are not registered residents of this city and purchase housing outside the outer ring road, the number of years required to pay social insurance or personal income tax for the purchase of the house will be adjusted to the period of continuous payment for one year or more before the date of purchase. non-local resident families who hold a "shanghai residence permit" and whose points reach the standard value and have paid social insurance or personal income tax in this city for three years or more will enjoy the same treatment as shanghai resident families in purchasing housing units. .

time to lower existing mortgage interest rates is clear

the people's bank of china guided the market interest rate pricing self-regulatory mechanism to issue an initiative on september 29. all commercial banks should uniformly implement batch adjustments to the interest rates of existing housing loans (including first homes, second homes and above) before october 31, 2024, and reduce them to no lower than minus 30 basis points from lpr. in principle, the 18 national commercial banks will issue operating rules no later than october 12.

in cities such as beijing, shanghai, shenzhen and other cities that currently set new lower limits for mortgage interest rates, the adjusted points will not be lower than the local lower limit.

previously, pan gongsheng, governor of the people's bank of china, announced at a press conference held by the state council information office on september 24 that he would lower existing mortgage interest rates and guide commercial banks to lower existing mortgage interest rates to near the new mortgage interest rates. the average decrease is expected to be around 0.5 percentage points.

on the evening of september 29, the four major state-owned banks, icbc, china construction bank, agricultural bank of china and bank of china, issued an announcement that they will issue specific operating rules starting from october 12, and batch adjustments will be completed by october 31, 2024. the four major banks have stated that they will follow-up. relevant information is announced on the bank’s official website, wechat official account, branches and other channels.