Policies of buying a home in Lingang further optimized for non-locals
Qualified non-locals who work in Lingang are now easier to buy a home in the special area of the Shanghai free trade zone.
In line with the latest rules issued on October 27, out-of-towners with a bachelor's degree or above, who have worked in the special area for six months or more and with 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 this city, are able to buy a unit of residential property in Lingang.
In addition, highly skilled people who have obtained the national vocational qualification (senior worker) and higher certificates, or their social insurance baseline double Shanghai's average income last year, and their residence certificate score verified to be 120 points, also meet the requirements for buying a unit of residential property in Lingang.
On the other side, if they want to buy another property, they will be obliged to sell the one in Lingang after holding it for at least five years 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, and six years for those who have paid social insurance or personal income tax for employees in Shanghai for at least two years.
For those who 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, they are required to possess the property for at least seven years.
Since the establishment of the Lingang Special Area three years ago, 231 new urban functional projects have been started, with a total construction investment of 475.8 billion yuan (US$65.6 billion).
The permanent population of the coastal town increased by about 150,000, the number of employees exceeded 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 square meters.
In the first eight months of this year, 6,531 units of residential properties were sold in Lingang. The average price of a unit is about 3.22 million yuan, for a square meter is 32,950 yuan.
The supply of new houses in Lingang is also increasing, with more than 10,000 new units having been released this year.