中国：上海再次放宽购房限制

Global Markets Research Asia Insights 25 February 2026 Economics - Asia ex-Japan China: Shanghai eased curbs on home purchasesagain Research Analysts Asia Economics Jing Wang - NIHKjing.wang@nomura.com+852 2252 1011 Today, the Shanghai municipal government announced a new package of easingmeasures to stabilize its housing markets. The package includes relaxing home purchaserestrictions for non-local residents, raising maximum loan quotas under the housingprovident fund, and optimizing property tax policies. As the 15th Five-Year Plan explicitly Ting Lu - NIHKting.lu@nomura.com+852 2252 1306 Asia Rates Strategy Albert Leung - NIHKalbert.leung1@nomura.com+852 2252 1401Clair Gao, CFA - NIHK clair.gao@nomura.com+852 2252 1081 The move in Shanghai lends support to our view that the central government will not letthe property sector slide indefinitely. As theQiushiarticle advocated an all-out policyimplementation over any piecemeal approaches to stabilize the property sector, webelieve Beijing will eventually be prompted to significantly step up policy efforts to clean up Shanghai kick-started a new round of easing measures in top-tier cities Today, five Shanghai government departments, jointly issued the “Notice on FurtherOptimizing and Adjusting the City’s Real Estate Policies”, effective 26 February. Thisnotice further relaxed home purchase restrictions for non-local residents, raised loanquotas under the housing provident fund, and streamlined the property tax policy, marking Restrictions on home purchases relaxed for non-locals Non-local residents now need only one year of payments of social security or personalincome tax to purchase one home in urban areas of Shanghai. Previously, three years ofpayment were required. If payments have continued for three years or longer, thepurchase of a second home is also allowed. Before the new rule was announced today, Even without proof of such payments, non-local residents are now allowed to purchaseonly one home in Shanghai, including urban and suburban areas, as long as they have Moderately raising the maximum loan quota for the housing provident fundThe maximum loan quota for a first home purchase has been raised from RMB1.6mn to RMB2.4mn, and this quota could be raised further to RMB3.24mn for green buildings orhouseholds with several children, up from the previous RMB2.16mn. The new rule statesthat the maximum loan limit for purchasing a second home has also been increased Optimizing property tax policyFor a home buyer that jointly owns housing with their parents or grandparents since they were minors (or when Shanghai’s property tax pilot program was implemented), propertytax will be temporarily exempt if they have purchased a new home or replaced an existing An update of recent policy effortsDespite the sharp deterioration in property-related indicators since mid-2025, few major property easing measures have been implemented. Top-tier cities, including Shanghai, Production Complete: 2026-02-25 14:50 UTC districts, in August, September and December 2025, respectively. As markets ponderwhether the government has dismissed the property decline,QiushiJournal published arare extensive comment on the first day of 2026, advocating all-out policy implementation Policy efforts have remained largely muted since the Qiushi property article On 15 January 2026, the PBoCannouncedthat the minimum down payment ratio forcommercial property mortgages would be lowered to 30% from about 50% previously. On 28 January,Cailianshe exclusively reported that several developers are exempt fromdisclosing financial indicators related to the “Three Red Lines”, which was introduced inAugust 2020to significantly reduce developers’ leverage and triggered a liquidity crunchin the property sector. However, this exemption was largely symbolic, as the restrictions Despite an unexpected bond payment extension initially, the highly distressed state-backed developer Vanke still managed to avoid an imminent default. On 11 February,according toReutersciting Octus, the Shenzhen municipal government was drafting a In contrast with the existing state purchase program that focuses on new homes, somelocal governments have initiated pilot programs to acquire existing homes to boost thesupply of affordable rental housing for migrants, college graduates, and other newresidents. On 2 February, Shanghai started such a program in three districts, with funding Beijing has yet to find more effective solutions Because of the exacerbating drag from the property fallout and heightened deflationarypressures, we believe Beijing might eventually be pushed into stepping up its policymeasures significantly to clean up the intertwined arrears in the property sector in the nextfew years. However, it is unclear when this will take place, as it depends on when exportswill face a real setback, when other pressures are sufficiently high and when Beijing feels Rates strategy: Maintain pay 3y NDIRS