Regulation and Control of the Redundant Building Market in Suzhou City

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      After tightening the regulation of real estate several times this year, Suzhou City, China, on Wednesday evening, further strengthened the management of land transfer, raised the tax payment/social guarantee requirement for the purchase of houses by non-registered residents in the city, and expanded the scope of restrictions on sales to the whole city.
This is another sign of China's real estate market regulation policy. Prior to this, many financing channels for housing enterprises were tightened. Kaifeng City, Henan Province canceled the three-year sale limit for newly built commercial housing and immediately withdrew, which became a "one-day tour" policy.
The website of the Housing and Urban-Rural Construction Bureau of Suzhou issued "Opinions on Further Improving the Stable and Healthy Development of the Real Estate Market of the whole city", expressing that the guarantee of land supply should be strengthened, the supply plan of residential land should be strictly enforced, and the supply and demand of land market should be moderately guaranteed.
Strict implementation of the system of declaration and verification of land purchase funds, bidding enterprises should specify the source of land purchase funds and make promises; the margin for the sale of residential land should be adjusted to 30%-50%; and the way of "house price and land price limit" should be encouraged for the sale of residential land.
According to its interpretation, this year the municipal government determined that the planned supply area of urban residential land is 6000 mu (of which the policy housing land is not less than 1800 mu).
Adjust the policy of housing purchase. When non-registered household families apply for the purchase of the first set of housing in Suzhou, Kunshan and Taicang, they shall provide certificates of payment of personal income tax or social insurance (urban social insurance) for two or more years in succession within the first three years of the purchase date in Suzhou. Previously, it was stipulated that the foreign household registration should be paid for one year in two consecutive years.


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