Expanding Limited Sale Scope in Suzhou City: New Housing Transferable after 3 Years in Urban Area

category:Finance
 Expanding Limited Sale Scope in Suzhou City: New Housing Transferable after 3 Years in Urban Area


In order to resolutely implement the decision-making plan of the Party Central Committee and the State Council on the establishment and improvement of a long-term mechanism for stable and healthy development of the real estate market, effectively solve the existing problems in the real estate market in Suzhou, rationally guide housing demand, curb speculative speculation and speculation in housing, and stabilize market expectations, the Municipal Government has issued a study on the development of the real estate market. Notice on Implementing Opinions on Further Strengthening the Management of Real Estate Market in Suzhou City (No. 119 of the Soviet Government [2016]), Notice on Further Strengthening the Regulation and Control of Real Estate Market in the City (No. 150 of the Soviet Government [2016]), and Notice on Further Promoting the Sustainable, Stable and Healthy Development of Real Estate Market in the City On the basis of the Supplementary Opinions (No. 38, 2019) document of the Soviet government, the working opinions on further improving the stable and healthy development of the real estate market in our city are formulated as follows:

1. Further strengthening the management of land transfer. We will intensify the guarantee of land supply, strictly implement the housing land supply plan, and ensure a moderate supply and demand in the land market. Strict implementation of the declaration and verification system of land purchase funds, bidding enterprises should specify the source of land purchase funds and make commitments. The margin of bidding for the transfer of residential land shall be adjusted to 30%-50%, which shall be set in the notice of transfer. If the bidder declares his own funds incorrectly, he shall cancel the qualification to compete and confiscate the deposit or terminate the transfer contract and confiscate the deposit, and incorporate the relevant illegal and irregular acts of the bidder into the enterprise credit system. Residential land is encouraged to be sold in the form of house price limit and land price limit.

Second, adjust the policy of housing purchase. When a non-registered household family applies for the purchase of the first set of housing in the city of Suzhou, Kunshan and Taicang, it shall provide proof of payment of personal income tax or social insurance (urban social insurance) for two or more years in succession within the city of Suzhou within three years from the date of purchase.

3. Expanding the scope of implementation of housing restrictions on transfer. Measures to restrict the transfer of newly-built commercial housing and second-hand housing in urban areas of Suzhou shall be implemented. From the date of implementation of this opinion, new commercial housing projects (including those that have already obtained pre-sale license and have not yet started online signature) within the urban area of Suzhou can be transferred after three years from the date of acquisition of the real property certificate by the purchaser; second-hand housing can only be transferred after three years from the date of acquisition of the real property certificate; second-hand housing can be acquired by the purchaser through market transactions with the new real property certificate reaching 5. Transferable only after one year.

Fourth, further strengthen the tax administration of housing credit. Strengthen macro-prudential management of real estate credit. On the basis of strict implementation of differentiated housing credit policy, financial supervision departments jointly urge banking institutions to control the proportion of real estate loans in new loans at a reasonable level. For obvious violations of macro-control policies, corresponding regulatory measures shall be taken according to law and regulations. Strengthen the management of the advance collection and liquidation of land value-added tax for real estate development projects, and implement the management of the pre-sale record price early warning line. Applying the technology of real estate price evaluation in an all-round way, we should strengthen the supervision of the contract of stock house transactions and tax collection and management. This opinion will come into effect on July 25, 2019. Source of this article: Responsible Editor of Suzhou Municipal Government: Zhong Qiming_NF5619

Fourth, further strengthen the tax administration of housing credit. Strengthen macro-prudential management of real estate credit. On the basis of strict implementation of differentiated housing credit policy, financial supervision departments jointly urge banking institutions to control the proportion of real estate loans in new loans at a reasonable level. For obvious violations of macro-control policies, corresponding regulatory measures shall be taken according to law and regulations. Strengthen the management of the advance collection and liquidation of land value-added tax for real estate development projects, and implement the management of the pre-sale record price early warning line. Applying the technology of real estate price evaluation in an all-round way, we should strengthen the supervision of the contract of stock house transactions and tax collection and management.

Suzhou Municipal Peoples Government

July 24, 2019

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