Over Thirty Local Governments in China Provide Home Subsidies of up to 8 Million Yuan
At least 30 local governments around China have launched home purchase subsidy policies, as authorities seek to provide policy support to markets in the wake of COVID-19.
According to a report from Zhongxin Jingwei from 11 June six of these local government are providing maximum home purchase subsidies of over one million yuan (approx. USD$141,510), with Nanjing’s Jiangbei New District proposing a maximum subsidy of three million yuan, and Hangzhou a subsidy of eight million yuan.
The policies are primarily designed to attract top-tier talent to Chinese cities, with those providing home purchase subsidies in China including:
- Nanning (200,000 – 400,000 yuan);
- Zhengzhou (100,000 yuan for PhD’s, 50,000 yuan for master’s degree holders, 200,000 yuan for bachelor’s degree holders);
- Hangzhou (100,000 – 8 million yuan subsidies);
- Qingdao (150,000 for PhD research students, 100,000 yuan for master’s research students;
- Nanjing Jiangbei New District (up to 300,000 yuan);
- Suzhou Industrial Zone; Maximum of 5 million yuan for top-tier full-time professional talent;
- Jinan (1 million yuan home purchase subsidy for top-tier talent);