Ningbo property market supply is greater than demand launched to buy subsidies up to 1 million yuan

On October 11, Fenghua District in Ningbo City, Zhejiang Province, issued an announcement on the application of housing subsidies for talents, providing those who meet the requirements with housing subsidies ranging from 80,000 to 1 million (RMB, same below). Some land media said Fenghua’s housing subsidy for talents was launched against the backdrop of the city’s plummeting property market.

The Bureau of Human Resources and Social Security of Fenghua District issued the “Announcement on the Application of Housing Subsidy for Talents in Fenghua District of Ningbo City” on the 11th, which launched the application of housing subsidy for talents, and eligible talents with college degree or junior title can receive a maximum housing subsidy of 80,000 yuan; eligible talents with bachelor’s degree, master’s degree and doctorate can receive housing subsidies of 160,000 yuan, 200,000 yuan and 400,000 yuan respectively; and national talents who are selected or newly introduced full-time through Fenghua’s declaration can receive a maximum subsidy of 1 million yuan. The maximum subsidy is 1 million yuan for talents who are selected or newly introduced to the national level through Fenghua.

The age and education requirements of Ningbo Feng are more relaxed, and in terms of household registration, people with master’s degree or above or associate high title (senior technician) or above may not be restricted by household registration.

First Financial said that Ningbo’s real estate market has turned dramatically cooler under the strict property market regulation and control policies. In September, the peak sales season of this year’s property market, a total of 29 batches of new properties were registered in Ningbo’s six central districts, supplying 7,133 suites, while the number of intended buyers was only 4,500. Boards that once opened to daylight also sold poorly, with most projects having only a 50 to 60 percent sell-through rate on the first day.

Ningbo second-hand residential transactions plummeted, with 1,197 fewer units in September than in the previous month. This year’s November holiday, Ningbo property market in the new homes, second-hand homes both in a horizontal stalemate, home buyers wait and see.

The day before, Harbin City released also “on the promotion of the city’s real estate market stable and healthy development of the implementation of the views”, including the purchase of housing subsidies policy, from doctors, masters, undergraduates to college and university students (including technical colleges), and new citizens to study or settle in Harbin City, to buy a house can get a cash incentive ranging from 100,000 yuan to 10,000 yuan.

Yan Yuejin, research director of the Think Tank Center of the E-House Research Institute, said that the property market in many cities is now rapidly turning from overheated to overcooled, and new risks have emerged. Subsequently, more cities are expected to follow up with subsidies and other types of policies, especially in cities where the pressure to destock and the pressure on housing enterprises to operate is high.

Zhang Bo, branch director of the 58 Anju Room Property Research Institute, believes that this is the act of saving the market.

In the face of the decline in the road property market, many cities on the mainland launched a property market “limit down order” to control the decline in property prices. According to “China Times” incomplete statistics, as of October 7, there have been Jiangyin, Dalian, Kunming, Shenyang, Yueyang, Heze, Zhuzhou, Tangshan, Huizhou, Zhangjiakou, Xuzhou and more than ten cities introduced a “limit down order” to join the ranks of the market.