Shang­hai eases def­i­ni­tion of

China Daily (Canada) - - BUSINESS - ByWUYIYAO in Shang­hai wuyiyao@chi­nadaily.com.cn

The Shang­hai mu­nic­i­pal gov­ern­ment re­laxed def­i­ni­tions for or­di­nary homes on Thurs­day, the first re­vi­sion since March 2012, which will al­low more home buy­ers to en­joy pref­er­en­tial mort­gages. An apart­ment lo­cated within the city’s In­nerRingRoadand­price­dat less than 4.5 mil­lion yuan ($734,682) will be de­fined as an or­di­nary house, ac­cord­ing to the cir­cu­lar is­sued by the Shang­hai mu­nic­i­pal gov­ern­ment. The price limit set in the new stan­dard is about 36 per­cent higher than in the old stan­dard.

Homes lo­cated be­tween the In­ner Ring and the Outer Ring and priced at less than 3.1 mil­lion yuan (about 55 per­cent higher than the old stan­dard), and those lo­cated out­side the Outer Ring and priced less than 2.3 mil­lion yuan ( 43 per­cent higher than the old stan­dard) are now de­fined as or­di­nary houses, ac­cord­ing to the newrules.

The new stan­dards will dou­ble the num­ber of apart­ments that can be clas­si­fied as or­di­nary­home­sin Shang­hai, said a re­search re­port pub­lished by Dooioo Prop­erty, a Shang­hai-based prop­erty ser­vices provider.

About 61 per­cent of the ex­ist­ing homes in Shang­hai will now come un­der the or­di­nary home cat­e­gory, the Dooioo re­port said. The

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.