Cooling Measures across China
Strong demands and increased prices in Shenzhen’s properties have led to the implementation of new cooling measures. Some of these newly added rulings include having buyer who have previously taken a mortgage in the last 2 years and certain second-time homebuyer to make a downpayment of 40%. In the past, the requirement was only to pay a 30% downpayment.
Even in other cities such as Shanghai and Nanjing, rules are also tightened to cool the booming property market in China. The property market in China suffered a downturn and hit the rock bottom in 2015 but soon, demands went up and prices started surging. Afraid that the market would eventually end up “crashing”, authorities have to come up with stricter regulations to stabilise the market.
Likewise in Singapore, we also have our long list of Cooling measures. Cooling measures are good in a way as they help to prevent prices for residential properties such as new launch condos and resales HDB and condos to skyrocket. In general, the prices of both private and resale HDB properties have decreased in prices for the past 2 years. Because of the Additional Buyer Stamp Duty (ABSD) varying from 5% to 15% that buyers have to fork out, home buyers and investors are now more cautious and price sensitive. As a result, developers and sellers have to market their units at a more attractive pricing to appeal to potential buyers.
Look out for our upcoming residential developments which are all near to MRT stations.
Condos near the City
