Hainan purchase restriction policy 2020

Legal analysis: The Notice clearly stipulates that the sale of newly-built commercial housing, including ordinary houses, high-grade apartments, low-rise houses and serviced apartments, to non-local residents who already own 1 set or above commercial housing in Hainan will be suspended throughout the province. When households buy a second set of commercial housing in Sanya, the down payment ratio for applying for commercial personal housing loans shall not be less than 50%. If a household purchases a second set of commercial housing in other cities and counties, including Haikou, and there is no housing loan record or the corresponding housing loan has been settled, the down payment ratio for applying for commercial personal housing loans shall not be less than 40%.

Legal basis: Article 45 of the Measures for the Administration of Urban Real Estate in People's Republic of China (PRC) shall meet the following conditions: (1) All land use right transfer fees have been paid and land use right certificates have been obtained; (2) Holding a construction project planning permit; (three) according to the pre-sale of commercial housing, the investment in development and construction has reached more than 25% of the total investment in engineering construction, and the construction progress and completion delivery date have been determined; (four) to the real estate management department of the people's government at or above the county level for pre-sale registration, and obtain the pre-sale permit certificate of commercial housing. The pre-sale of commercial housing shall, in accordance with the relevant provisions of the state, report the pre-sale contract to the real estate management department and land management department of the people's government at or above the county level for registration. The proceeds from the pre-sale of commercial housing must be used for related projects.