The Wuhan Economic & Technological Development Zone (WEDZ) is located in Wuhan, Central China's Hubei province. [Photo provided to en.whkfq.gov.cn]
In order to adjust to the changes which have taken place in the supply and demand of the real estate market, optimize the supply-demand structure, and set up a brand new property development model, four bureaus of the Wuhan Economic & Technological Development Zone (WEDZ) responsible for housing and urban-rural development, natural resources and planning, finance and talent work jointly released an action plan on May 18 to ensure the steady and healthy development of the local real estate market.
Those who purchase commercial housing in the zone from May 1 to Dec 31 this year will have their contract tax fully subsidized.
A maximum bonus of 50,000 yuan ($7,050) will be granted to talent buying their first newly established commercial apartment, with the specific amount to vary based on the individual's professional title and educational background.
Buyers of commercial residential buildings in the zone who sell their old residence in the zone within 12 months after they purchase the new residence will have their value-added and contract taxes subsidized.
Enterprises hiring talent are financially incentivized to collect the down payment for talent willing to buy new commercial houses.
The government also supports new real estate development projects in carrying out design innovation. As long as they do not change the land use type or increase the floor area ratio, they are permitted to optimize building design plans.
