Buyers of affordable housing must make a minimum down payment of 15%! Foshan introduces 12 measures to stabilize the property market.

On November 19th, eight departments in Foshan jointly issued a notice on "Several Measures to Further Promote the Stable and Healthy Development of the Real Estate Market", launching a series of targeted policies aimed at comprehensively implementing measures in multiple dimensions such as land supply, development and construction, financial support, and facilitating home purchases. The goal is to better meet the housing needs of residents and promote a smooth transition of the real estate industry to a new development model. The policy made detailed adjustments in land supply, encouraging the handling of idle land through negotiation, agreement exchange, and other methods, with the reclaimed land being re-planned and supplied according to urban development needs. For areas where the inventory turnover period of commercial and office buildings exceeds 18 months, the sale of new commercial and mixed-use land will be strictly controlled. In addition, the policy optimized the time limits for project commencement and completion, adjusted the standards for breach penalties, and implemented staged acceptance registration, allowing projects to be verified and completed in stages, and allowing the registration of real estate for individual buildings. On the demand side, this policy provides broader support by lowering the threshold and costs of purchasing homes: to increase support for provident fund loans, the down payment ratio for purchasing affordable housing with reserved units shall not be less than 15%; eligible foreigners can apply for provident fund loans in Foshan; employees who have deposited funds in other cities can apply for "commercial to public" loans; employees purchasing a second home can also apply for "commercial to public" loans. These measures significantly expand the coverage of the provident fund policy.