On April 6th, according to the Yanbian Prefecture government in Jilin Province, in order to better meet the rigid and improved housing needs of urban and rural residents, accelerate the construction of a new model for real estate development, Yanbian Prefecture recently issued the “Implementation Plan for Promoting High quality Development of Real Estate”, which includes 29 specific measures in optimizing financial policies, expanding subsidy scope, supporting real estate enterprises to relieve difficulties, and regulating market order, further promoting the high-quality development of real estate in Yanbian Prefecture. The Plan specifies the need to optimize financial policies and reduce the cost of home ownership for homebuyers. For households using commercial loans to purchase housing, there is no longer a distinction between first and second homes, and the minimum down payment ratio can be reduced to 15%. The Plan clearly states that the scope of subsidies should be expanded and the tax and fee reductions and exemptions should be increased. Subsidies will be given to those who purchase newly-built commercial housing within the state, with subsidies of no less than 100 yuan/square meter for areas below 100 square meters; Subsidies of no less than 10000 yuan per set shall be provided for 100-140 square meters (including 140 square meters); Subsidies of no less than 15000 yuan per set shall be provided for areas over 140 square meters; Families with two children will receive a subsidy of no less than 20000 yuan per property for purchasing a house; Families with three children will receive a subsidy of no less than 30000 yuan per set, and the subsidy cannot be combined for enjoyment. At the same time, in terms of purchasing property rights parking spaces and garages, a subsidy of no less than 5000 yuan per parking space can also be enjoyed. For the one-time purchase of 3 or more newly-built commercial residential properties from the same real estate company, the company is encouraged to provide a subsidy of 200-500 yuan per square meter based on the purchased area. In the transaction of buying and selling houses, different deed tax rates are applied according to the area and number of units. If a person buys a house again within one year of selling the house, the personal income tax already paid can be refunded, further reducing the burden of buying a house.
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