China to Roll Out Policies that Encourages Farmers to Purchase New Homes

China to Roll Out Policies that Encourages Farmers to Purchases New HomesIn efforts to reduce property inventory, provinces in China rolled out policies that will encourage farmers to purchase homes. Farmers from East China’s Shandong province can enjoy subsidies for deed tax and can also be exempted of various stipulated fees when purchasing their first homes. Counties and districts with large inventory are now allowed to grant subsidies that are equivalent to three to ten percent of the housing purchase expenditure.

Local governments in East China’s Anhui province are now allowed to provide one off reward and other subsidies for farmers that voluntarily give up homesteads and purchase homes in the city. Meanwhile in Southwest China’s Sichuan province is also allowing a one off reward to farmers buying house in the city as well. Aside from material incentives, several provinces will link home purchases with school enrollment policies. For East China’s Jiangsu province local education authorities will arrange schooling for children of migrant workers that purchase homes in the cities. Anhui province is planning to help property developers to cut down their stock to as short as 15 months by 2018. Jiangsu province is setting a target of controlling their destocking process 16 months by 2016.

Guangdong province made it clear that commercial housing inventory by the end of 2018 will be cut down to 12.5 percent from 160 million square meters registered by the end of 2015. Apart from encouraging farmers to purchase property, several provinces are also proposing to develop local homes leasing market and to further reduce costs on home purchases.

Latest statistics from the National Bureau of Statistics reported that China have 727 million square meters of saleable commercial houses in April. China housing market started to warm up during the second half of 2015, after cooling for more than a year and boosted by the government support measures such as transaction tax reductions, interest rate cuts and to lower down payment requirements.

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