Shanghai Eases Homebuying Rules As China Extends Support [Yahoo! Finance Canada]
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Source: Yahoo! Finance Canada
Most Read from Bloomberg The city will make it easier for those without local household registration to purchase homes in suburban areas by shortening the number of years they need to pay social security or individual tax to one year from three years previously, according to a statement late Sunday. Those who've paid social security or tax for three years will be allowed to purchase the same number of properties as local residents — a move that will let them buy at least two homes, compared with just one earlier. Shanghai also reduced downpayment ratios to a minimum of 15% for first-time buyers from 20% previously. Those buying second homes in the city center will need to make a minimum downpayment of 25%, while rates for homes outside those areas will be cut to 20%, down from 30% previously. The rules will take effect from Oct. 1, according to the statement. The central bank on Sunday also announced that it will allow refinancing of mortgages. The move, confirming earlier repo
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