China real estate: Beijing and Shanghai implement new property reforms

Major Chinese cities are implementing new real estate and administrative reforms to stimulate market activity and improve service efficiency.

In Beijing, Minsheng Bank Beijing Branch successfully completed the city’s first fully online “double advance-to-title” real estate registration. This reform, coordinated with the Haidian District Real Estate Registration Center, allows buyers to merge property advance registration and mortgage advance registration into a single online process. The new system reduces the need for multiple physical visits to government offices and banks, utilizing data sharing to automate identity and property verification.

In Shanghai, the “Eight Measures” (Hu Ba Tiao) policy has officially taken effect, targeting demand through five key areas: optimizing housing provident fund usage, improving personal housing credit, implementing “trade-in” subsidies, introducing housing vouchers for resettlement, and purchasing second-hand homes for subsidized rental housing.

Key changes in Shanghai include allowing the housing provident fund to be used for down payments on existing homes, purchasing parking spaces, and paying deed taxes. Additionally, the minimum down payment for second homes outside the outer ring road has been reduced from 20% to 15%. These measures aim to increase liquidity in the second-hand market and support residents looking to upgrade their living conditions.