A wave of property market policies has been released! The first home loan “recognizes the house without subscribing to the loan”, residents continue to buy houses and continue to enjoy tax rebates, and continue to implement tax incentives for public rental housing!
According to news from Xinhua News Agency on August 25, the Ministry of Housing and Urban-Rural Development, the People’s Bank of China, and the State Administration of Financial Supervision jointly issued the “Notice on Optimizing the Standards for Recognition of the Number of Houses in Personal Housing Loans” to promote the implementation of “no need to recognize the house” for the purchase of the first house loan. “Subscription” policy measures. As a policy tool, this policy is included in the “One City, One Policy” toolbox for cities to choose independently.
The aim of this policy is to make it easier for residents to buy their first homes by allowing them to enjoy the benefits of first-home loans without the need to subscribe to the loan. This means that even if a resident family does not have a complete set of housing under their name, they can still apply for a loan to purchase a commercial housing and benefit from the housing credit policy. By reducing the cost of home purchases for residents, the policy aims to meet the housing needs of the population more effectively.
In addition to this policy, the Ministry of Finance, the State Administration of Taxation, and the Ministry of Housing and Urban-Rural Development have announced the continuation of individual income tax policies that support residents in buying housing. From January 1, 2024, to December 31, 2025, taxpayers who sell their own houses and repurchase houses in the market within one year will receive tax rebates on the personal income tax paid on the sale of their current houses. The amount of the rebate will depend on the amount of the newly purchased house compared to the transfer of the existing house.
Furthermore, the Ministry of Finance and the State Administration of Taxation have also announced the continuation of preferential tax policies for public rental housing. The land used for the construction of public rental housing and the land occupied after the completion of public rental housing will be exempted from urban land use tax. The stamp duty involved in the construction and management of public rental housing will also be exempted for the operation and management units of public rental housing. These measures aim to support the development and management of public rental housing projects.
Following the release of these policies, the real estate sector experienced a boost. Companies such as Beijing Investment Development and Dalong Real Estate saw a significant increase in their stock prices. Other real estate companies, including Binjiang Group, Huafa shares, and Zhonghua Enterprises, also experienced notable gains. This indicates the positive impact of the property market policies on the industry.
The release of these policies reflects the government’s efforts to promote a stable and thriving property market. The Ministry of Housing and Urban-Rural Development, the People’s Bank of China, and the State Administration of Financial Supervision have been working together to implement policies that benefit residents and support the development of the housing market. With these measures in place, it is expected that more residents will be able to afford their own homes and the property market will continue to grow.