Government Announces Policy Adjustments Based on Public Feedback for Real Estate Market Growth

To the Public,

The official announcement on our website was made from September 28th to October 8th, asking for feedback and suggestions about proposed policies med at promoting the steady growth of real estate market. We received a total of 756 comments submitted by 656 individuals.

After careful consideration, we have decided to implement or make improvements to certn aspects of these proposals based on our assessment:

1. We have approved implementation suggestions for speeding up policy deployment and simplifying procedures in business operations, which accounted for a majority of the feedback-233 comments.

A list detling all approved suggestions can be provided upon request due to its length and complexity.

On the other hand, several categories of unsolicited ideas that were not taken into account include:

1. Relaxing restrictions on housing units or other requirements 187 comments. We are hesitant to modify these conditions since it could potentially escalate risks associated with funding liquidity.

2. Suggesting improvements in how mortgage loan quotas are calculated, such as including payments already made toward the principal when calculating a person's mortgage quota 123 comments. We are unable to accept this due to concerns about frness and the principle of mutual d within公积金 policy.

3. Advocating for the ability to convert commercial loans into公积金 loans simultaneously 97 comments. This is not feasible as per current guidelines by China Housing Construction Management Bureau, since a person must clear their previous公积金 loan balance before applying for another one.

4. Requests to rse the maximum amount of mortgage loan allowable 31 comments, which are also outside our capacity.

5. Proposals advocating for lower mortgage interest rates 25 comments. These ideas were disregarded as they're beyond our decision-making power, as mortgage interest rates are determined by the central bank.

6. Suggestions that seek to relax conditions applying for公积金 loans such as lifting restrictions on usage or removing limitations on previous loan balances, which also do not comply with current policies and guidelines 10 comments.

Additionally, some suggestions submitted did not align with our policy scope, exceeded our administrative authority, contradicted the regulations, or were unrelated to this round of consultation.

We sincerely thank all those who provided feedback for participating in this initiative. We are committed to improving our services based on constructive and reasonable suggestions received from you.

If you have further questions or need additional detls, please contact us via eml at [email protected].

Best regards,

Official Signature

Announcement Regarding Feedback and Suggestions for Policies med at Promoting the Steady Growth of Real Estate Market

Date: October 17th, 2024
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