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Second-home loan restrictions may soon be lifted

By Bi Xiaoning (chinadaily.com.cn)
Updated: 2008-12-15 15:36

Restrictions on financial institutions issuing loans to second-home buyers may soon be relaxed, Shanghai Securities News reported on Dec 15.

The China Real Estate Association has submitted a proposal to the State Council, or China's cabinet, to abolish the policy, pending the approval, the report said, citing unnamed source within the association.

Special Coverage: Housing in China Related readings:  China's property climate index declines in Nov  Tax cuts mulled to heal property woes  Property price growth in major Chinese cities drops to three-year low  China eyes more property prop up

Gu Yunchang, vice-chairman of the China Real Estate and Residential Buildings Institute, said the need for switching to a bigger house is very strong in China."It is necessary to help the middle-income families buy new houses. The government should spur not only the construction of low-cost housing, but also the development of commercial housing," he said.

On Oct 22, the central bank announced that the down payment threshold would be lowered from 30 percent to 20 percent. It also allowed financial institutions to offer favorable policies to support those making their first home purchase for self use and those buying self-use housing for improving living conditions.

However, the central bank hasn't specified the applicable situations of "self-use housing for improving living conditions", but the Shanghai Securities News report cited industry insiders as saying that the specific regulations are likely to be released by the end of this year.