Unallowing Price Reductions While Expecting the Whole Family to Pool Funds to Buy a House, the CCP’s Real Estate Policy Has Lost Its Mind

On July 5, the Economic Daily reported that the Housing Provident Fund Management Center of Tangshan City, Hebei Province launched a new policy for buying a house and repaying a loan, “one person buys a house, and the whole family can help.” All employees who buy houses in Tangshan from June 1 this year can enjoy the new policy, which will be effective from July 15, 2022.

The CCP’s policy specifies that in the Tangshan area, if a single employee buys a house, their parents can be loan co-payers; if a married employee purchases a house, the parents and parents-in-law can be the loan co-payers. If a parent purchases a house, their children and children-in-law can be the loan co-payers. For those with insufficient loan repayment ability, the co-payers are allowed to participate in the calculation to increase the loan amount.

On March 30, the annual report of more than ten real estate companies encountered difficulty, and six (including expected) will suspend trading from April 1. According to incomplete statistics from Zhongxin Jingwei, as of now, there are more than ten real estate companies announced the extension of their annual reports, including China Evergrande, Shimao Group, Sunac China, Xinli Holdings, Kaisa Group, Ronshine China, Modern Land, Fantasia Holdings, R&F Properties, Sunshine 100 China, Powerlong, China Real Estate, China Aoyuan, and Xiangsheng Holding Group. Among these, six companies are expected to suspend trading from April 1, including Kaisa Group, China Aoyuan, Sunshine 100 China, Sunac China, Contemporary Real Estate, and Fantasia Holdings.