China’s top tech hub Shenzhen eases homebuying curbs, raises loan caps
Non-local residents with valid residence permits can buy homes in Futian, Nanshan and Xinan
Those holding a valid residence permit can buy one residential unit in Futian and Nanshan districts, and Xinan in Baoan district, without having to pay social security or individual tax for a year. The rules came into effect on Thursday.
The authority also raised the housing provident fund loan caps to a maximum of 700,000 yuan (US$102,378) for individuals and 1.3 million yuan for joint applicants.
For first-time homebuyers, the loan eligibility was increased to up to 60 per cent of the property price; families with one child could get a loan of 50 per cent of the property price, and families with at least two children could obtain a loan of 70 per cent of the property value, the authority said.
The scheme comes amid improving residential property prospects in Shenzhen, according to Charli Chan, deputy managing director of China capital markets and head of the Hong Kong PRC team at Cushman and Wakefield.