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Firms face tight rules on home purchase
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SHANGHAI took a further step in its fight against housing speculation yesterday by stating that only qualified enterprises will be allowed to buy new homes in the city, following similar moves taken earlier in Xi’an, Changsha and Hangzhou.
Effective yesterday, to be eligible for new home purchase, companies must have been set up for at least five years, pay taxes of at least 1 million yuan (US$150,475) in Shanghai, and employ at least 10 staff who have paid social security insurance and public housing provident funds within the company for at least five years, said a statement posted on the official website of the Shanghai Housing and Urban-Rural Development Commission.
Enterprises that have paid taxes above 5 million yuan in Shanghai are qualified to purchase new homes anyway.
Moreover, companies must wait for five years before they can sell their residential property, compared with the previous requirement of three years, the commission said.
The latest tightening policy probably came after complaints made by some individual home buyers who got frustrated in their failed purchase attempts.
Companies would often emerge as the final winners in the city’s lottery-style system — in use since last August — to decide the order of purchasing rights at all new residential developments around the city.
Currently, there is no limit on the number of new homes a company can purchase in Shanghai, while individual buyers face very strict home-purchase restrictions.
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