Property markets in Wuhan and Shenzhen are seeing growing transaction volumes and increasing influx of home buyers whose purchase intention are boosted by new policies that help ease their economic burden.
Wuhan, the capital of central China's Hubei Province, saw noticeable month-over-month rise in the transaction volume of new homes and resale homes in October. On Sept 30, the city rolled out ten policies to support the housing market. As the policies take effects, 10,919 new houses were sold in Wuhan in October, up 139 percent compared with the previous month, according to Wuhan Housing and Urban Renewal Bureau.
"Compared with September, the transaction volume in October grew by nearly 65 percent. Basically, every home buyer can receive at least 30,000 to 50,000 yuan (about 4,100 to 6,900 U.S. dollars) in subsidy," said Zhang Xingzhou, a property sales manager.
The resale home market in Wuhan is also showing signs of recovery. Data released by China's National Bureau of Statistics showed that in October, prices of resale homes in Wuhan rose 0.1 percent month on month, ending 17 consecutive months of decline. In the first half of November, 4,261 new houses were sold in the city, a significant rise compared with the same period in 2022 and 2023.
Shenzhen City in south China's Guangdong Province has recently eliminated the distinction between ordinary and non-ordinary housing in an effort to release the tax burden of home buyers.
"If I buy a house at the price of about 10 million yuan, my tax payment will reduce by 150,000 yuan, which is a big reduction to me. Besides, the mortgage rates for first homes was cut to 3.15 percent. This helps significantly ease the economic burdens on home buyers," said a home buyer surnamed Zhao.
Housing agency managers in Shenzhen said they have seen noticeable increase in customer consultancy and visits to their large houses for sale, with good-quality resale homes that had seen big price drops previously now being most welcomed by buyers.
"Two years after purchasing a house less than 144 square meters, home buyers will be exempted from value-added taxes. So, for some home buyers, their intention to buy a house grows significantly," said Wu Xiqun, a housing agency store manager in Shenzhen.
New housing policies in Wuhan, Shenzhen help boost property markets, purchase intention
China will continue carrying out all-round cooperation with Pacific Island countries on the basis of equality, mutual respect, mutual benefit, openness and inclusiveness, said Foreign Ministry spokeswoman Mao Ning at a press briefing in Beijing on Tuesday.
At the invitation of Premier Li Qiang, Samoan Prime Minister Fiame Naomi Mata'afa is paying an official visit to China.
According to a report on November 20 by Australia's international policy think tank Lowy Institute, China has regained its place as the second-largest bilateral donor to Pacific Island countries.
"Samoa is one of the first Pacific Island countries to establish diplomatic relations with New China, and to sign the MOU on Belt and Road cooperation with China. The Faleolo International Airport, renovated with the support of a Chinese company, is one of the most modernized international airports in South Pacific, and the China-aided government building, depicted on the new banknotes of Samoa, has become a popular spot for the locals to visit and take photos," said Mao.
"The friendly ties between China and Samoa epitomize China's cooperation with Pacific Island countries. China develops its relations with Pacific Island countries under the principle of 'four full respects', and provide economic and technology aid with no political strings attached. We have rolled out close to 500 projects with various kinds of aid and concessional loans to help Pacific Island countries build roads, bridges, ports, hospitals, schools and other infrastructure, and trained over 10,000 professionals, bringing tangible benefits to the local people. China has made active effort to support Pacific Island countries in implementing the 2050 Strategy for the Blue Pacific Continent, built new platforms according to their national conditions for climate response, agricultural cooperation, poverty alleviation and development, and kept exploring new areas for cooperation," she said.
"We will continue carrying out all-round cooperation with Pacific Island countries on the basis of equality, mutual respect, mutual benefit, openness and inclusiveness to support Pacific Island countries' development," said Mao.
The "four full respects" principle is: China fully respects the sovereignty and independence of Pacific island countries, fully respects their will, fully respects their cultural traditions and fully respects their effort to seek strength through unity.
China will continue all-round cooperation with Pacific Island countries: FM spokeswoman
