Shanghai's latest policy measures on homebuying, including a subsidy of 200 million yuan ($29.75 million) for new purchases, will work together with existing measures to better tap into diversified residential needs and further consolidate the local housing market, industry experts said while studying the policy on Thursday.
The city, China's financial and economic powerhouse, on Thursday unveiled an eight-measure package designed to better meet people's essential needs and requirements for improved housing, with policies including trade-in subsidies for homebuyers, as well as optimizations to the housing provident fund and personal home mortgage policies.
"Featuring customized and differentiated measures tailored to the local housing market, the new policies are believed to further revitalize the local housing market by lowering homebuying barriers, cutting transaction costs, boosting demand for improved living and promoting the circulation of homes across the market," said Yan Yuejin, deputy head of the Shanghai-based E-House China R&D Institute.
"The measures come amid ongoing market stabilization and are projected to effectively boost market confidence and stimulate reasonable demand for both essential and improved living needs, thereby driving Shanghai's real estate market toward steady and healthy growth," Yan said.
