Legislation roundup: Residential loans, Shanghai FTZ and customs

Real Property

People's Bank of China and China Banking Regulatory Commission, Circular on Issues Relevant to Further Improving the Differential Loan Policies on Residential Premises
中国人民银行、中国银行业监督管理委员会关于进一步完善差别化住房信贷政策有关问题的通知

The Circular lowers the minimum down payment percentage for loans for first-time purchase of ordinary residential premises in cities not subject to housing purchase restrictions from 30% to 25%

Further reading
Circular on Revising the Percentage of the Minimum Down Payment When Purchasing Residential Premises with a Personal Housing Loan from the Housing Reserve
Circular on Issues Relevant to Improving the Differential Loan Policies on Residential Premises
Circular on Continuing to Duly Regulate and Control the Real Property Market
Circular on Issues Relevant to Improving the Regulation and Control of the Real Property Market


Free Trade Zones

Shanghai Head Office of the People's Bank of China, Operational Guidelines for Domestic Issuers of Cross-border Interbank Certificates of Deposit of the China (Shanghai) Pilot Free Trade Zone
中国人民银行上海总部中国(上海)自贸试验区跨境同业存单境内发行人操作指引

Shanghai FTZ cross-border interbank certificates of deposit are generally denominated in renminbi, however, if there is a genuine need, certificates of deposit denominated in a foreign currency may be offered. The minimum single subscription amount may not be less than Rmb10 million.

Further reading

General Plan for the China (Shanghai) Pilot Free Trade Zone
Special Administrative Measures for Foreign Investment Access in Pilot Free Trade Zones (Negative List)
China question: What are the benefits and risks of investing in a Free Trade Zone?
A window into the future
Not so free zone?


Customs

General Office of the State Council, Plan for Accelerating the Integration and Optimization of Zones under Special Customs Surveillance
国务院办公厅加快海关特殊监管区域整合优化方案

Existing export processing zones, bonded logistics parks, cross-border industrial zones, bonded ports and qualified bonded zones will gradually be integrated as comprehensive bonded zones. All newly established zones under special customs surveillance will be named comprehensive bonded zones.

Further reading
Guiding Opinions on Promoting the Rational Development of Zones under Special Customs Surveillance
Circular on Issues Relevant to Improving Current Account Related Foreign Exchange Control in Zones under Special Customs Surveillance