On October 16, a representative from the Tianjin Housing and Urban-Rural Development Commission shared exciting new developments on the city’s real estate policies. The Tianjin Municipal Government recently released a notice aimed at better meeting residents’ housing needs by optimizing real estate policies.
The notice outlines significant changes, beginning with the removal of restrictive measures on both new and second-hand housing purchases and transfers. Notably, there will no longer be a cap on the sales prices of new homes, and the distinctions between ordinary and non-ordinary housing will also be eliminated.
Furthermore, the notice emphasizes the implementation of national financial support policies. The minimum down payment for home loans will now be uniformly set at no less than 15% for residential families purchasing homes in Tianjin, without differentiating between first and second homes. The notice also aims to enhance the pricing of personal housing loan interest rates, leveraging market mechanisms to guide banks in adjusting existing mortgage rates. This approach considers borrowers’ creditworthiness and risk, ultimately easing the financial burden on families looking to buy homes. Additionally, a coordinated financing mechanism will encourage more loans for “white list” real estate projects, ensuring that banks quickly access the funds they have allocated for credit.
In terms of developing a new model for real estate, the notice calls for a reform of the property development management system. By considering market conditions in different districts, authorities aim to scientifically control the supply and pace of new homes, ensuring a balance between supply and demand in the market. There are also plans to refine housing design standards, encouraging developers to build more high-quality homes to meet diverse consumer needs.
Local governments are urged to take decisive action, implementing tailored strategies for their specific districts. Strategies may include housing subsidies, promotional activities for new developments, and housing exhibitions to boost market confidence. Moreover, city-level departments are committed to guiding local governments to navigate real estate-related challenges effectively.
A spokesperson from the Tianjin Housing and Urban-Rural Development Commission remarked that the real estate market is experiencing significant shifts in supply and demand. The public’s focus has evolved from simply “having a home” to “having a good home.” This policy adjustment aligns with the community’s expectations for quality housing by introducing comprehensive measures in transaction management and credit systems, ultimately broadening purchase options, lowering entry barriers, and alleviating repayment pressures. This initiative supports both the basic and diverse housing needs of the residents and fosters the transformation and high-quality development of the real estate sector in Tianjin.
