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Real estate policies
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Hangzhou authorities issued a new policy this week to promote the stable and healthy development of the local real estate market.
The new policy, meant to strengthen regulatory control of the real estate market, involves residential land supply, construction of budget housing projects, commercial housing supply, credit and loan, and taxation and market supervision.
The policy requires that this year’s residential land supply of Hangzhou will go up by at least 20 percent based on the average supply amount of the previous five years.
The policy also requires a bigger down-payment from those buying a second apartment to 70 percent. Oversight of pricing and taxation will be strengthened, while budget housing construction will be quickened.
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