On the evening of August 7, the Beijing Municipal Housing and Urban-Rural Development Commission, the Beijing Municipal Commission of Planning and Natural Resources, and the Beijing Housing Provident Fund Management Center jointly issued a document reducing the social security or personal tax payment period for non-Beijing households to purchase commercial housing within the 5th Ring Road from “2 years” to “1 year.” The New Deal also greatly increased the maximum loan amount for the Provident Fund. The maximum loan amount for the first home was raised from 1.2 million yuan to 3.4 million yuan, and the maximum loan amount for the second home was raised from 1 million yuan to 3 million yuan. According to data from the China Index Research Institute, in the first six days after the implementation of the new policy, 2,450 second-hand housing units were sold in Beijing, an increase of 8.6% over the previous month; 451 new housing units were sold, an increase of 4.4% over the previous month.

On the evening of August 7, the Beijing Municipal Housing and Urban-Rural Development Commission, the Beijing Municipal Commission of Planning and Natural Resources, and the Beijing Housing Provident Fund Management Center jointly issued a document reducing the social security or personal tax payment period for non-Beijing households to purchase commercial housing within the 5th Ring Road from “2 years” to “1 year.” The New Deal also greatly increased the maximum loan amount for the Provident Fund. The maximum loan amount for the first home was raised from 1.2 million yuan to 3.4 million yuan, and the maximum loan amount for the second home was raised from 1 million yuan to 3 million yuan. According to data from the China Index Research Institute, in the first six days after the implementation of the new policy, 2,450 second-hand housing units were sold in Beijing, an increase of 8.6% over the previous month; 451 new housing units were sold, an increase of 4.4% over the previous month.