GUANGZHOU: Guangzhou will offer subsidies to residents who buy a new home and sell an existing one, as the southern Chinese metropolis moves to support housing demand and stabilise its property market.
The city has issued a package of eight measures, including raising housing provident fund loan limits and launching a temporary subsidy programme for home upgrades, according to the General Office of the Guangzhou Municipal People’s Government.
Under the policy, residents who buy a newly built commercial home in Guangzhou by Dec 31, 2026, and sell a second-hand home in the city within one year before or after the purchase registration date, may apply for a subsidy.
The subsidy will equal 1% of the mortgage amount for the newly purchased home, capped at 30,000 yuan (about US$4,371) per unit.
Guangzhou has earmarked 200 million yuan for the programme, available until the funds run out.
The city will also raise housing provident fund loan ceilings to one million yuan for a single applicant and two million yuan for two or more applicants buying the same self-occupied home. — Xinhua/ANN