Business Maverick: China trickles out property policies to fix slump

While the central government has avoided outright stimulus, it’s been giving tacit approval to local authorities to unwind property austerity measures.

In late August, the state council led by Premier Li Keqiang said local governments should use city-specific credit policies to support necessary housing demand. Similar signals were issued in April, after the Communist Party’s Politburo led by President Xi Jinping said local governments could “refine” housing measures to ensure stability in the property market.

Chinese cities are likely to continue optimising property policies based on their own situation, adopting measures such as improving financing conditions of local property developers, Golden Credit Rating analyst Wang Qing was cited as saying.A few so-called tier 2 cities, or regional hubs, lowered payment thresholds for a second residence for as much as 20 percentage points. Those cities include Nanjing, Suzhou and Wuxi.

At least 24 Chinese cities have allowed parents to fund their children’s home purchases by drawing on their own housing provident funds and helping repay their mortgages, the Securities Daily said. The southern Chinese city of Liuyang announced home-purchase subsidies and more credit support, the China Securities Journal reported on Monday.austerity measures including a ban that restricted non-locals from buying property.Shanghai said it would ease buying curbs in the suburban Lingang area, home to advanced manufacturers including Tesla.

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