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Relocated residents not subject to policies
By Cao Qian |
February 19, 2011, Saturday
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Print Edition
Print Edition
THE latest government tightening policies to curb housing speculation won't apply to those who receive homes under the city's urbanization programs, the Shanghai Housing Support and Building Administration Bureau said yesterday.
Specifically, owners of houses built for relocated residents under the city's urbanization programs won't be subject to the measures, including curbs on home purchases and implementing a property tax on trail, the bureau said in a statement.
"This clarification is reasonable as it is the government that offers the homes, either under the city's urbanization programs or to improve people's living conditions," said Song Huiyong, research director of Shanghai Centaline Property Consultants Ltd, operator of the city's largest estate chain. "Obviously, the measures are all designed to curb speculative demand."
For instance, it is very common under the city's urbanization programs for a relocated family, who used to live in a shabby or small apartment in a prime location, to receive two or more houses in outlying areas of the city from the government. These new apartments shouldn't be counted under the measures to curb home purchases, Song said.
A trial property tax with a rate of 0.6 to 0.4 percent, depending on the house price, will apply to newly purchased homes in Shanghai from January 28. There will be a living space allowance before tax applies, and all houses owned by a family will be used to calculate living space.
Effective February 1, local families who already own two or more houses and non-local families who have one home in the city are banned from buying any more homes here.
The ban also applies to non-locals who can't provide tax or social insurance certificates to show their length of stay in the city for an accumulative 12 months over the past two years.
Specifically, owners of houses built for relocated residents under the city's urbanization programs won't be subject to the measures, including curbs on home purchases and implementing a property tax on trail, the bureau said in a statement.
"This clarification is reasonable as it is the government that offers the homes, either under the city's urbanization programs or to improve people's living conditions," said Song Huiyong, research director of Shanghai Centaline Property Consultants Ltd, operator of the city's largest estate chain. "Obviously, the measures are all designed to curb speculative demand."
For instance, it is very common under the city's urbanization programs for a relocated family, who used to live in a shabby or small apartment in a prime location, to receive two or more houses in outlying areas of the city from the government. These new apartments shouldn't be counted under the measures to curb home purchases, Song said.
A trial property tax with a rate of 0.6 to 0.4 percent, depending on the house price, will apply to newly purchased homes in Shanghai from January 28. There will be a living space allowance before tax applies, and all houses owned by a family will be used to calculate living space.
Effective February 1, local families who already own two or more houses and non-local families who have one home in the city are banned from buying any more homes here.
The ban also applies to non-locals who can't provide tax or social insurance certificates to show their length of stay in the city for an accumulative 12 months over the past two years.
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