The mainland official media reported that the Shanghai property market “spicy”, Shanghai City, eight departments issued to promote the stable and healthy development of the real estate market, the strict implementation of housing purchase restriction policy. In order to combat “fake divorce to buy property”, for the couple divorced within three years to buy commercial housing, their housing units owned by the total number of families before the divorce, since Friday (22) implementation.
The opinion also requires the strict implementation of differentiated housing credit policy. Implement good real estate loan concentration management, strengthen prudent management of personal housing loans, and guide commercial banks to strictly control the pace and growth rate of personal housing loan placement to prevent surprise lending. Guide commercial banks to further strengthen the management of audit and lending, and increase the verification of the source of funds for down payment and debt-to-income ratio of Home buyers. Strictly prevent credit loans, consumer loans, business loans and other funds from flowing into the real estate market illegally.
At the same Time, provisions are made to adjust the VAT exemption period by increasing the VAT exemption period for individuals selling housing to the public from 2 years to 5 years. Individuals who sell housing purchased less than 5 years ago to the public will be fully subject to VAT; individuals who sell non-ordinary housing purchased 5 years or more ago to the public will be subject to VAT on the difference between their sales proceeds minus the amount paid for the purchase of the housing; individuals who sell ordinary housing purchased 5 years or more ago to the public will only be exempt from VAT.
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