Beijing Municipality, Implementing Opinion on Promoting the Steady and Healthy Development of the Real Property Market

Issued: February 21 2010

Main contents: Land supply for the construction of residential premises shall be increased. The land reserve and Grade One development and investment of Beijing Municipal Government will be not less than Rmb100 billion in 2010. In 2010, the land used for policy-type residential premises shall account for at least 50% of the total land supply for residential premises in the municipality. Policy-type residential housing projects that have newly commenced construction and policy-type residential premises that are acquired shall account for at least 50% of the total number of residential premises units in the municipality that have newly commenced construction (Article 1). For families (including the borrower, spouse and minor children) that have already purchased residential premises on mortgage and apply to purchase another (or more) residential unit(s), the down payment shall not be less than 40% of the mortgage loan (Article 4). The provisions of the Circular on Regulating the Purchase of Commodity Premises by Foreign Organisations and Individuals on the residence period of foreign individuals and the premises they purchase in Beijing shall be stringently implemented (Article 6). The area of land grant for commodity residential premise projects in a single transaction may not, in principle, exceed 20 hectares. The down payment of land grant fees shall be no less than 50% of the total fees (Article 7).

Related legislation: Circular on Promoting the Steady and Healthy Development of the Real Property Market, Jan 7 2010, CLP 2010 No.3 p.31