North China's Tianjin lifts all restrictions on home buying to boost property sector

North China's Tianjin Municipality -- one of the four municipalities directly under the administration of China's Central Government -- has removed all remaining home-buying restrictions to better accommodate residents' diverse housing needs and boost the property sector.

A circular issued by local authorities on Wednesday outlines a series of measures designed to stimulate the property sector.

The new measures lift restrictions on the purchase and transfer of newly built commercial homes and second-hand homes, removing previous price caps on newly built commercial homes. Additionally, the existing classifications for ordinary and non-ordinary homes have been abolished.

The circular also adjusts the minimum down payment ratio requirement, for residents taking out residential mortgages in Tianjin, the minimum down-payment ratio for individual commercial housing mortgages has been lowered to 15 percent for both first-home purchases and second-home purchases.

The city has also optimized the setting of personal housing loan rates, allowing market-based interest rate mechanisms to guide banks in making orderly adjustments to existing mortgage rates.

Efforts will also be made to increase financing for real estate projects. The government is set to ramp up support for "white list" real estate projects, urging commercial banks to swiftly disburse pre-approved loans to meet the reasonable financing needs of these developments.

The "white list" is an itemized register of real estate projects or developers that have been ruled compliant with regulations and thereby eligible for financial support.

Under the "white list" mechanism launched in late January 2024, local authorities can recommend real estate projects eligible for financial support to financial institutions.

The mechanism is part of China's efforts to stabilize the sector weighed by debt problems and boost confidence in an industry that accounts for nearly 6 percent of the country's GDP.

To accelerate the development of a new real estate model, the circular calls for reforming the real estate development management system. This includes scientifically controlling increase in housing supply and properly managing the rhythm of commercial housing provision to achieve a market balance between supply and demand.

Furthermore, Tianjin will further optimize its housing design regulations and standards to support real estate developers in actively exploring the construction of more quality housing to continuously meet the diverse housing improvement needs of residents.

With the removal of purchase restrictions, both local and non-local residents can now purchase homes throughout Tianjin, including newly built and second-hand properties. Non-local buyers are no longer required to provide proof of tax payments or social security contributions to qualify for home purchases in the municipality.

North China's Tianjin lifts all restrictions on home buying to boost property sector

Russia and the United States have agreed to ensure the implementation of the Black Sea Initiative, provided that sanctions were eased on Russia's agricultural and food trade, the Kremlin said Tuesday.

The Kremlin said the agreement includes ensuring the safety of navigation in the Black Sea, the non-use of force, and preventing commercial ships from being used for military purposes, with inspections in place to enforce this.

It also added that the United States will help in restoring Russia's access to global markets for agricultural and fertilizer exports, lowering shipping insurance costs, and improving access to ports and international payment systems.

The agreement will enter into force after a series of sanctions and restrictions related to its agricultural and food trade were lifted, the Kremlin noted.

The move would include lifting Western sanctions on the Russian Agricultural Bank, which services agricultural businesses, and reconnecting the bank to the SWIFT international messaging system.

Russia has also listed in the conditions the removal of restrictions on its food and fertilizer producers and exporters, on the servicing of related Russian-flagged vessels in ports, and on the related agricultural machinery supplies to Russia.

The Kremlin statement came after Russian and U.S. representatives wrapped up their Monday's talks in Riyadh, capital of Saudi Arabia, where both sides sought arrangements for the safety of navigation in the Black Sea.

Russia and Ukraine signed separately with Türkiye and the United Nations the Black Sea Grain Initiative in Istanbul in July 2022, which secured the export of Ukrainian grain and other agricultural products from Black Sea ports.

As a parallel agreement, Russia and the UN signed a memorandum of understanding on the facilitation of Russian food and fertilizer exports.

On July 17, 2023, Russia suspended its participation in the Black Sea deal, citing unfulfilled commitments to the Russian part.

Kremlin says Russia, U.S. agree to ensure implementing Black Sea initiative