Zhuhai Tightens Its Property Market, Suspends Housing Provident Fund Loans for Multiple House Owners

(YicaiGlobal) Dec. 13 – China’s Zhuhai city in China’s southeastern province of Guangdong has adopted a number of new rules and regulations for its property market. It is the latest example in a series of similar steps taken by various provinces across China, indicating Chinese authorities have stepped up their efforts to eliminate loopholes in the financial system.

Zhuhai city has unveiled its new property market regulation and control policy and tightened rules for housing provident fund loans. The new regulations stipulate that the minimum down payment ratio of a housing provident fund loan for a first-time buyer family buying a home for the first time should not be less than 30 percent.

The minimum down payment ratio of an individual housing provident fund loan for a family that has already bought one house and has settled its housing provident fund loans, but still has outstanding purchase loans should not be less than 40 percent. Zhuhai has suspended individual housing provident fund loans for families of workers with two or more houses.

The minimum down payment ratio of housing provident fund loans for families buying an ordinary house for the first time used to be no less than 20 percent; and the minimum down payment ratio of provident fund loans for families that own one occupied house was at least 30 percent.