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Cities relax curbs to boost home sales
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MORE cities in China are relaxing their property tightening measures to boost home sales as sluggish sentiment among buyers risks aggravating their already slowing economies.
On Monday, Tongling City in east China’s Anhui Province announced on its official website that it will provide tax subsidies for first-home buyers who make their purchases between May 1 and December 31, 2014. Only buyers of “ordinary” homes, which must be no larger than 144 square meters, will be able to receive the subsidy that is equivalent to 1 percent of the total home price.
In addition, down-payment requirement for selective homebuyers will be cut to 20 percent from 30 percent if it is their first-ever application for mortgage from the city’s provident fund management center.
Tongling is not the first to relax its property curbs as such measures have been unveiled in many small-sized cities, including Nanning and Wuxi.
“It’s possible that more cities — mainly second- and third-tier ones — will follow suit if the central government remains silent on Tongling’s latest measures, which seem to be the boldest so far,” said Huang Hetao, vice director of research at Century 21 China Real Estate. “But similar moves should not be expected in large cities such as Shanghai.”
The value and volume of home sales fell more quickly in the first three months of this year from the January-February period as buyers continued to adopt a wait-and-see stance, the National Bureau of Statistics said in mid-April.
The value of new homes sold across the country fell 7.7 percent from the same period a year earlier to 1.1 trillion yuan (US$177 billion) in the first quarter, compared with a 5 percent decline registered in the first two months of this year.
By volume, the area of new homes sold nationwide fell 5.7 percent year on year to 178.3 million square meters in the first quarter. It was down 1.2 percent in the first two months.
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