Policies for buying homes in Lin-gang streamlined for non-locals
A panoramic view of the Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone, taken on Oct 22. [Photo/China Daily]
Qualified non-locals who work in the Lin-gang Special Area – located in East China's Shanghai city – will now find it easier to buy a home there.
In line with the latest rules issued on Oct 27, out-of-towners with a bachelor's degree or above are able to buy a residential unit in Lin-gang. They must have worked in Lin-gang for six months or more, have an employment contract with local businesses for two years or more, have paid social insurance or personal income tax for employees in Shanghai for at least one year and have no housing in the city.
In addition, highly skilled people who have obtained national vocational qualifications (senior worker) and higher certificates, or have had their social insurance baseline double Shanghai's average income last year – and their residence certificate score is verified to 120 points – will also meet the requirements for buying a residential unit in Lin-gang.
On the other hand, if people want to buy another property, they will be obliged to sell their existing one in Lin-gang after having held onto it for at least five years, in order to prevent speculation.
The time limit is five years for those who have paid social insurance or personal income tax for employees in Shanghai for at least three years, or six years for those who have paid social insurance or personal income tax for employees in Shanghai for at least two years.
Those who have paid no more than two years of social insurance or personal income tax for employees in Shanghai, before buying a unit of unsold newly-built property, are required to possess the property for at least seven years.
Since the establishment of the Lin-gang Special Area three years ago, 231 new urban residential projects have been started, with a total investment of 475.8 billion yuan ($65.6 billion).
The permanent population of the coastal town has increased by about 150,000, with the number of employees there now exceeding 250,000.
The total construction area of various types of housing has increased by 9 million square meters and the total commercial area has reached 660,000 sq m.
In the first eight months of the year, 6,531 residential property units were sold in Lin-gang. The average price of a unit is about 3.22 million yuan, or 32,950 yuan per sq m.
The supply of new houses in Lin-gang is also increasing, with more than 10,000 new units having been released this year.
Address No 200 Shengang Avenue, Pudong New Area, Shanghai, China
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