China property: Shenzhen, Wuhan are the latest cities to ease housing market restrictions to stir demand
- Shenzhen lowered thresholds for the income tax and social insurance payments of non-locals seeking to buy a property in certain districts
- Wuhan’s housing ministry said local families seeking to sell their homes and buy a new one can now enjoy lower mortgage rates
Shenzhen, China’s technology hub, said it has lowered the thresholds for the personal income tax and social insurance payments of non-local individuals and families seeking to buy a property in certain districts, while allowing local families with two or more young children to buy additional homes in those areas.
The city lowered its down-payment requirements for second homes in November in a bid to revive the pre-owned homes market.
“The easing measures are still quite localised at this point, but are very strong nonetheless, especially the part about the social security payment requirements, which will create ample opportunities for those who are interested in buying a house.”
04:49
Anger mounts as China's property debt crisis leaves flats unfinished
Wuhan, the capital of central China’s Hubei province, unveiled new measures to boost its pre-owned homes market. The city’s housing ministry and other authorities said local families who are seeking to sell their homes and buy a new one can now enjoy lower mortgage rates. In addition, those who have successfully “exchanged” their homes within a designated period of time will be entitled to a certain amount in subsidies.
