Shanghai adjusts property policies to improve housing accessibility and stimulate the real estate market, effective October 1.

Shanghai is updating its property policies to boost housing accessibility. Starting October 1, non-local homebuyers' required tax payment threshold decreases from five to three years. Additionally, first-time buyers will face a 15% down payment, down from 20%, while second-time buyers will need 25%, reduced from 30%. These changes are intended to increase housing affordability and invigorate the stagnant real estate market as property prices continue to fall. The adjustments align with broader efforts by major Chinese cities to revive the struggling property sector and support economic growth.

September 29, 2024
98 Articles