Central Region Real Estate Boost Efforts... "Buy a House, Get a Subsidy"

As the real estate market in China's regional cities deepens its slump, local governments have stepped in with direct subsidy payments to stimulate the market. The payment targets are broad, including rural talents, workers, university students, youth, active and retired military personnel, and separate support is also provided for multi-child families.

According to Chinese local media Pengpai News on the 6th, the Real Estate Market Regulation and Adjustment Office of Yibin City, Sichuan Province, announced the "Policies and Measures to Promote the Stable and Healthy Development of Real Estate" with such content on the same day.

[Image source=Yonhap News]

Yibin City stated that it will provide housing purchase subsidies for newly built commercial housing in major urban areas such as Shanzhang New District, Chuiping District, and Xuzhou District. First, a subsidy of 200 yuan (approximately 35,748 KRW) per square meter will be given to rural talents, industrial workers, newly employed university students, migrants, youth, and other groups. The maximum subsidy can reach up to 30,000 yuan.

Additionally, teachers, medical personnel, active or retired military personnel, special protection recipients, and model workers will receive a subsidy of 250 yuan per square meter, with a maximum of 37,500 yuan. Support for multi-child families has also been prepared. Families with two children will receive a single-family subsidy of 30,000 yuan, and families with three children will receive 50,000 yuan.

For those participating in new commercial housing development projects in major urban areas and purchasing 10 or more houses, a subsidy of 15,000 yuan per house will be provided. Yibin City named this the "Group Purchase Support Fund," and stated that it can be combined with the aforementioned housing purchase subsidies. This support measure is valid from the date of announcement until March 31 of next year.

Furthermore, for those who sell their current house from October 1 of last year until December 31, 2025, and repurchase a house within one year, the personal income tax paid at the time of the original house sale can be refunded. In addition, if the loan applicant is a single worker or one spouse pays the housing provident fund, the loan limit increases up to 500,000 yuan. For families with a second child, the limit is further increased by an additional 100,000 yuan.

According to the People's Bank of China, as of the end of September, the outstanding loan balance in the real estate sector was 53.19 trillion yuan, a decrease of 100 billion yuan (approximately 18.5 trillion KRW) compared to a year ago. This marks the first decline since the authorities began compiling statistics in 2005. During the same period, the outstanding balance of mortgage loans decreased by 490 billion yuan to 38.42 trillion yuan.

This content was produced with the assistance of AI translation services.