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Beijing and Shanghai further relax policies to boost home sales
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Since 2005, Beijing and Shanghai set different down-payment ratios and transaction taxes for ordinary housing and luxury homes.
ST PHOTO: LIM YAOHUI
Niu Mujiangqu and Denise Jia
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BEIJING - China’s two most expensive housing markets — Beijing and Shanghai — unveiled a further relaxation of home buying policies, including a lower down-payment ratio, as part of efforts to boost the country’s property market.
The two cities have reduced the down-payments house-buyers must make, scrapped the price cap that defined an “ordinary home”, allowing more properties to qualify for a lower down-payment and lowered taxes for home sellers.
