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Local housing authorities in some first-tier cities, including Beijing, Shenzhen and Guangzhou, will put latest property policies in place, better meet people's basic and upgraded demand for housing, promoting the stable and healthy development of the real estate market. These announcements came after the Political Bureau of the Communist Party of China Central Committee held a meeting on July 24 to analyze the current economic situation and make arrangements for economic work in the second half of the year. According to the meeting, it is imperative to adjust and improve the related policies in a timely manner, make use of the targeted policy tools in different cities, in order to adapt to the great changes in the relationship between supply and demand in China's real estate market. These rapid and positive responses to the meeting have showed first-tier cities' attitude and resolution to comprehensively implement policies unveiled by the central government and the Ministry of Housing and Urban-Rural Development, Securities Times reported. This is also proof that some supporting policies previously launched in second- and third-cities may be expanded into first-tier cities, the paper added. Overall, China's real estate sector has changed to a buyer's market from a seller's market, and corresponding regulation policies have changed from cooling the overheated market to warming the overcooled market. The policies unveiled during cooling the overheated market should be optimized, the paper said, adding it's predictable that supporting policies will be unveiled soon in some first-tier cities. As a bellwether of China's real estate market, Beijing's property regulation policies are the harshest in the country. For second-home purchases in the city, the minimum down payment is set at 60 percent for ordinary home, and 80 percent for non-ordinary home.
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