Shanghai Issues Eight Measures to Optimize Property Policies, Cuts Second-Home Down Payment to 15%

On August 20, 2026, the Shanghai Municipal Commission of Housing and Urban-Rural Development, the Shanghai Municipal Housing Administration Bureau, the Shanghai Municipal Finance Bureau, the People's Bank of China Shanghai Branch, the Shanghai Financial Regulatory Bureau, and the Shanghai Housing Provident Fund Management Center jointly issued the Notice on Optimizing the City's Real Estate Policy Measures, effective from August 21, 2026. The policy covers five aspects and eight measures, including optimizing housing provident fund withdrawal, optimizing personal housing credit, implementing 'trade-in' purchase subsidies, promoting housing voucher resettlement, and advancing the acquisition of second-hand housing.

In terms of credit policy, for second-home commercial personal housing loans for properties outside the outer ring road, the minimum down payment ratio has been adjusted from 'no less than 20%' to 'no less than 15%'. After the adjustment, the minimum down payment ratio for first-home commercial personal housing loans is uniformly set at no less than 15%. The credit policy for second homes maintains regional differentiation: the minimum down payment ratio for properties inside the outer ring road is no less than 25%, while for those outside the outer ring road it is no less than 15%, including the entire Baoshan and Jiading districts.

The purchase subsidy policy has been upgraded. It continues and optimizes the 'trade-in' subsidy from the 2024 'Shanghai Nine Measures' and adds a new home purchase loan subsidy. Eligible applicants can enjoy both subsidies concurrently, with a maximum subsidy of RMB 80,000 per unit.