The Shenzhen Municipal Housing and Construction Bureau released nine measures to aid the resumption of operation of real estate enterprises amid the COVID-19 outbreak yesterday.
Online housing trading platforms are encouraged while sale offices are allowed to open for approved housing projects that are for sale or not yet open for sale with preventative measures in place.
Home sale procedures will be streamlined to shorten the contract signing process so as to increase efficiency, according to the measures.
In order to relieve financial pressure on real estate companies in the short run, first-level real estate enterprises can ask their regulating bank to release frozen funds of no more than 20 percent of the total pre-sale amount.
Affected real estate companies can also delay project delivery dates.
Banks are encouraged to delay pre-agreed mortgage payments for people who have been under quarantine or who were infected with COVID-19.
The authority will unify the gross profit rate of the tax base for the income tax of the city’s real estate developers on a case-by-case basis and increase land for residences to address supply and demand needs.