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Chongqing Abolishes 'Sell House After Two Years' Policy to Boost Property Market

By RAN ZHENG|May 23,2024

Chongqing - Southwest China's Chongqing Municipality announced the cancellation of the "Sell House After Two Years" policy. Effective immediately, new commercial housing can be listed for trading upon completing the network, signing the contract filing, and obtaining the real estate title.

Previously, the "Sell House After Two Years" policy required homeowners to hold the sale and purchase contract record for two years and obtain the real estate title before listing and trading. The new change, effective immediately, is part of a broader initiative to support homebuyers and optimize the real estate market, as outlined in the government's May 20 notice.

On May 17, the People's Bank of China (PBOC) lowered the minimum down payment ratios for commercial housing mortgages to 15% for first homes and 25% for second homes.

The PBOC will cut individual housing provident fund loan rates by 0.25 percentage points from May 18. This fund consists of compulsory monthly deposits by employers and employees.

On May 17, the People's Bank of China (PBOC) introduced several major policy changes affecting the real estate sector. (Graphic/Zheng Ran)

Industry experts noted that the housing finance policy adjustments surpassed expectations, clearly signaling efforts to stabilize the real estate market.

Under the background, the Chongqing government has introduced six measures to support housing demand. Families with multiple children can receive subsidies: 20,000 yuan (about USD 2,792) for two children and 30,000 yuan for three children if they buy new commercial housing in Chongqing's central city and complete the network contract filing by December 31, 2024. Additionally, those participating in new purchase activities will receive a subsidy of 0.5% of the total purchase price, with the same filing deadline.

Chongqing now offers home purchase subsidies for talents: 50,000 yuan for those with a doctoral degree, 30,000 yuan for a master's degree, and 10,000 yuan for an undergraduate degree. These are for first-time buyers in the central city who file the network contract by December 31, 2024.

The policy also includes provisions to optimize housing unit identification. Residents who rent out their own stock of housing and obtain a lease contract filing certificate will not have these units counted in the calculation of family housing units. 

Support for flexible employment individuals has been enhanced. They can now use housing provident fund contributions for self-occupied housing. The minimum deposit period for monthly contributions is reduced from 24 to 12 months, and for one-time deposits, the minimum retention period is also 12 months.


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