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Yangzhou City announces reward for buyers of new homes
By Cherry Cao |
May 8, 2012, Tuesday
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Online Edition
Online Edition
YANGZHOU in neighboring Jiangsu Province has announced plans to reward buyers of new homes smaller than 144 square meters starting in July, becoming the latest Chinese city to attempt some form of policy easing despite the failure of earlier endeavors by other local governments.
For one year starting July 1, purchasers of newly built, decorated residential properties in Yangzhou will be granted a reward payment equivalent to between 0.4 and 0.6 percent of the total house price depending on home size, the city's finance and housing bureaus said in a joint statement yesterday.
Purchases should be made during the 12-month period and applications for the reward should be submitted within three months of purchase, the statement said.
Homes no larger than 90 square meters will be eligible for a reward of 0.6 percent. Those above 90 square meters but smaller than 120 square meters will see the rate dip to 0.5 percent and homes above 120 square meters but smaller than 144 square meters will be eligible for a reward rate of 0.4 percent.
"As a very small amount of money will be involved, this new policy should be mainly viewed as a signal by the local government," said Lu Qilin, a researcher at Shanghai Deovolente Realty Co. "By fueling some policy-loosening hopes among the public, the Yangzhou government is aiming to boost confidence in the residential property market."
However, analysts remained rather doubtful as to whether this policy will be implemented as scheduled because it goes against the central government's wish to bring home prices down further to a "reasonable" level.
For one year starting July 1, purchasers of newly built, decorated residential properties in Yangzhou will be granted a reward payment equivalent to between 0.4 and 0.6 percent of the total house price depending on home size, the city's finance and housing bureaus said in a joint statement yesterday.
Purchases should be made during the 12-month period and applications for the reward should be submitted within three months of purchase, the statement said.
Homes no larger than 90 square meters will be eligible for a reward of 0.6 percent. Those above 90 square meters but smaller than 120 square meters will see the rate dip to 0.5 percent and homes above 120 square meters but smaller than 144 square meters will be eligible for a reward rate of 0.4 percent.
"As a very small amount of money will be involved, this new policy should be mainly viewed as a signal by the local government," said Lu Qilin, a researcher at Shanghai Deovolente Realty Co. "By fueling some policy-loosening hopes among the public, the Yangzhou government is aiming to boost confidence in the residential property market."
However, analysts remained rather doubtful as to whether this policy will be implemented as scheduled because it goes against the central government's wish to bring home prices down further to a "reasonable" level.
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