Zhuhai has introduced new measures aimed at streamlining home purchases in the city for Hong Kong and Macao residents, as well as other prospective buyers.
In a notice published yesterday, the Zhuhai Housing and Urban-Rural Development Bureau, along with five other departments, announced the implementation of eight measures to optimise the city’s property policy that are set to last for three years.
One of these initiatives include the setting up of pilot “service stations” in residential communities popular with people from Hong Kong and Macao. Using these one-stop stations, SAR residents who are purchasing a Zhuhai property will find it easier to carry out mortgage formalities.
The authorities are also looking to expand the scope of its one-stop shop services for new home purchasers from registration, transaction and taxation into utility-related areas such as registering for water, electricity and gas.
In addition, the government is looking to promote the cross-border transfer of a secondhand property title with a mortgage. Other measures include an adjustment to the rule on the reporting of the number of homes owned by an individual for deed tax incentive purposes, with homes owned in Hengqin no longer included in the count.
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The Zhuhai government is meanwhile extending the validity period for its home trade-in subsidy program until 31 December. Under this program, home buyers can receive a special housing subsidy equivalent to 1 percent of the price listed in the online contract of their newly purchased home, though the subsidy for a single unit cannot exceed 30,000 yuan.
Zhuhai is also optimizing its personal housing accumulation fund (HAF) policy, a type of low-interest mortgage for Chinese workers who contribute to the mandatory Housing Provident Fund. The maximum loan for a household with one contributing member has increased from 800,000 yuan to 1 million yuan. Similarly, the maximum cap for a household with two contributing members has risen from 1.3 million yuan to 1.5 million yuan.
To offer more support to families with multiple children, the government is allowing them to borrow 20 percent above their eligible HAF loan limit when purchasing a second home. However, this increased loan amount cannot exceed the highest cap set for Zhuhai’s housing accumulation fund loan.
Other incentives are being offered to homebuyers purchasing properties that meet international two-star and three-star ratings for green building standards.
