The eastern Chinese city of Hangzhou has announced that it will lower the minimum down payment fee for commercial housing mortgages, becoming the latest major city in the country to further relax real estate policies.
The capital of Zhejiang Province will reduce the down payment requirement from 20% to 15% for first-home buyers and from 30% to 15% for second homes, said a notice issued on Wednesday.
The city will also eliminate price caps for new commercial homes built on land newly leased by the state for residential use, according to the notice.
Major Chinese cities, including Beijing, Shanghai, Guangzhou and Shenzhen, adjusted their real estate policies following a meeting of the Political Bureau of the Central Committee of the Communist Party of China, which underlined the need for efforts to reverse the property market slowdown and stabilize the market. .
Beijing announced last month that it would lower the limit for non-locals to buy property in the city center and the minimum entry fee for individual home buyers.
Source: https://www.chinahoje.net/hangzhou-se-junta-a-lista-de-cidades-com-regras-flexiveis-para-compra-de-casas/
