Housing Finance Policy

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    A. Legal and Regulatory Framework

    A.1 Legal and Regulatory Framework
    VariableEnd of 2022End of 2021End of 2020SourcesVar ID
    Basis of the legal system: Civil, Common, Islamic, Other? (Describe)  Civil Law
    CIA
    		A.1.1
    Are there specific laws that deal with mortgages?   Yes
    Lincoln Institute
    		A.1.2
    Registration/Transfer of titles:A.1.3
    Does the law clearly define different types of property rights?  Yes
    Lincoln Institute
    		A.1.3.1
    Typical number of days needed for the transfer of title  9
    WDI
    		A.1.3.4
    Are there legal constraints on mortgage features?  Yes
    ADBI
    		A.1.6
    Interest rate caps  YesA.1.6.1
    Loan-to-Value cap  Yes
    ADBI
    		A.1.6.2
    Payment-to-Income maximum  Yes
    ADBI
    		A.1.6.3
    Is there specialized legislation covering:A.1.9
    B. Housing Finance Subsidies
    B.1 Subsidies to Housing Finance Institutions
    B.2 Subsidies to Households
    VariableEnd of 2022End of 2021End of 2020SourcesVar ID
    Are there subsidies to households on housing finance?  Yes
    Milken Institute
    		B.2.1
    Interest rate subsidies by special government funds  Yes
    Milken Institute
    		B.2.1.1
    Subsidies to savings for mortgage loans  YesB.2.1.4
    Other  YesB.2.1.6
    Reach of subsidies in 2.1.1 to 2.1.4 ?B.2.2
    C. Taxation
    VariableEnd of 2022End of 2021End of 2020SourcesVar ID
    What taxes apply to Residential Real Estate?C.1
    Tax on property (home-owners)   YesC.1.1
    back to top | Country Data:
    Notes: % Change if average wage
    Notes: % Change uses the index in table 6-16
    Notes: % of total loans in 2010.12
    Notes: % of total loans in 2011.12
    Notes: % of total loans in 2012.12
    Notes: % of total loans in 2013.12
    Notes: % of total loans in 2014.12
    Notes: % of total loans in 2015.12
    Notes: % of total loans in 2016.12
    Notes: % of total loans in 2017.12
    Notes: China allows for a monthly deduction of taxable income based on payments made toward a housing fund.
    Notes: China allows for a monthly deduction of taxable income based on payments made toward a housing fund.
    Notes: China allows for a monthly deduction of taxable income based on payments made toward a housing fund.
    Notes: China allows for a monthly deduction of taxable income based on payments made toward a housing fund.
    Notes: China allows for a monthly deduction of taxable income based on payments made toward a housing fund.
    Notes: China allows for a monthly deduction of taxable income based on payments made toward a housing fund.
    Notes: Employees can borrow directly from their Housing Provident Fund often on more favorable terms than mortgage loans from commercial banks.
    Notes: Employees can apply for loans directly from Housing Provident Funds (consists of employee savings along with employer matched contributions dedicated to housing), which can offer mortgages at lower rates and better terms than compared to commercial banks.
    Notes: Employees can apply for loans directly from Housing Provident Funds (consists of employee savings along with employer matched contributions dedicated to housing), which can offer mortgages at lower rates and better terms than compared to commercial banks.
    Notes: Employees can apply for loans directly from Housing Provident Funds (consists of employee savings along with employer matched contributions dedicated to housing), which can offer mortgages at lower rates and better terms than compared to commercial banks.
    Notes: Employees can apply for loans directly from Housing Provident Funds (consists of employee savings along with employer matched contributions dedicated to housing), which can offer mortgages at lower rates and better terms than compared to commercial banks.
    Notes: Employees can apply for loans directly from Housing Provident Funds (consists of employee savings along with employer matched contributions dedicated to housing), which can offer mortgages at lower rates and better terms than compared to commercial banks.
    Notes: Employees can apply for loans directly from Housing Provident Funds (consists of employee savings along with employer matched contributions dedicated to housing), which can offer mortgages at lower rates and better terms than compared to commercial banks.
    Notes: Employees can apply for loans directly from Housing Provident Funds (consists of employee savings along with employer matched contributions dedicated to housing), which can offer mortgages at lower rates and better terms than compared to commercial banks.
    Notes: Employees can apply for loans directly from Housing Provident Funds (consists of employee savings along with employer matched contributions dedicated to housing), which can offer mortgages at lower rates and better terms than compared to commercial banks.
    Notes: Employees can borrow directly from their Housing Provident Fund often on more favorable terms than mortgage loans from commercial banks.
    Notes: Employees can borrow directly from their Housing Provident Fund often on more favorable terms than mortgage loans from commercial banks.
    Notes: Employees can borrow directly from their Housing Provident Fund often on more favorable terms than mortgage loans from commercial banks.
    Notes: Employees can borrow directly from their Housing Provident Fund often on more favorable terms than mortgage loans from commercial banks.
    Notes: Employees can borrow directly from their Housing Provident Fund often on more favorable terms than mortgage loans from commercial banks.
    Notes: Employees can borrow directly from their Housing Provident Fund often on more favorable terms than mortgage loans from commercial banks.
    Notes: Employees can borrow directly from their Housing Provident Fund often on more favorable terms than mortgage loans from commercial banks.
    Notes: Employees can borrow directly from their Housing Provident Fund often on more favorable terms than mortgage loans from commercial banks.
    Notes: HPF offers lower interest rate mortgage loans to those that contribute to the fund. The government also alters the mortgage interest rate through the PBOC based on the current economic climate, which can act as an interest rate subsidy to households.
    Notes: HPF offers lower interest rate mortgage loans to those that contribute to the fund. The government also alters the mortgage interest rate through the PBOC based on the current economic climate, which can act as an interest rate subsidy to households.
    Notes: HPF offers lower interest rate mortgage loans to those that contribute to the fund. The government also alters the mortgage interest rate through the PBOC based on the current economic climate, which can act as an interest rate subsidy to households.
    Notes: HPF offers lower interest rate mortgage loans to those that contribute to the fund. The government also alters the mortgage interest rate through the PBOC based on the current economic climate, which can act as an interest rate subsidy to households.
    Notes: HPF offers lower interest rate mortgage loans to those that contribute to the fund. The government also alters the mortgage interest rate through the PBOC based on the current economic climate, which can act as an interest rate subsidy to households.
    Notes: HPF offers lower interest rate mortgage loans to those that contribute to the fund. The government also alters the mortgage interest rate through the PBOC based on the current economic climate, which can act as an interest rate subsidy to households.
    Notes: HPF offers lower interest rate mortgage loans to those that contribute to the fund. The government also alters the mortgage interest rate through the PBOC based on the current economic climate, which can act as an interest rate subsidy to households.
    Notes: HPF offers lower interest rate mortgage loans to those that contribute to the fund. The government also alters the mortgage interest rate through the PBOC based on the current economic climate, which can act as an interest rate subsidy to households.
    Notes: HPF offers lower interest rate mortgage loans to those that contribute to the fund. The government also alters the mortgage interest rate through the PBOC based on the current economic climate, which can act as an interest rate subsidy to households.
    Notes: In 2018, the government created an online platform that streamlined transaction, tax, and registration department processes to reduce time needed to transfer title
    Notes: January 2010 - December 2012 LTV was set at 70% for homes under 90 sq. meters.
    Notes: January 2010 - December 2012 LTV was set at 70% for homes under 90 sq. meters.
    Notes: LTV limits are altered by the government of China much more frequently than is typical in other countries. Figures represented here are representative of a general trend of LTV limits and may not capture quarterly or annual changes in LTV limits by the PBC.
    Notes: LTV limits are altered by the government of China much more frequently than is typical in other countries. Figures represented here are representative of a general trend of LTV limits and may not capture quarterly or annual changes in LTV limits by the PBC.
    Notes: LTV limits are altered by the government of China much more frequently than is typical in other countries. Figures represented here are representative of a general trend of LTV limits and may not capture quarterly or annual changes in LTV limits by the PBC.
    Notes: maximum
    Notes: Middle Income Households (Third Quintile)
    Notes: Middle Income Households (Third Quintile)
    Notes: Middle Income Households (Third Quintile)
    Notes: Middle Income Households (Third Quintile)
    Notes: Middle Income Households (Third Quintile)
    Notes: Middle Income Households (Third Quintile)
    Notes: Middle Income Households (Third Quintile)
    Notes: Middle Income Households (Third Quintile)
    Notes: Middle Income Households (Third Quintile)
    Notes: Mortgage laws were "tentative, isolated provisions existing in various parts of different statutes" before the introduction of the New Property Law in 2007--China's first truly consolidated law with a portion dedicated to mortgages.
    Notes: Mortgage laws were "tentative, isolated provisions existing in various parts of different statutes" before the introduction of the New Property Law in 2007--China's first truly consolidated law with a portion dedicated to mortgages.
    Notes: Mortgage laws were "tentative, isolated provisions existing in various parts of different statutes" before the introduction of the New Property Law in 2007--China's first truly consolidated law with a portion dedicated to mortgages.
    Notes: Mortgage laws were "tentative, isolated provisions existing in various parts of different statutes" before the introduction of the New Property Law in 2007--China's first truly consolidated law with a portion dedicated to mortgages.
    Notes: The "Big Four" banks in China are all state-owned, and they are the largest mortgage lenders in the nation.
    Notes: The "Big Four" banks in China are all state-owned, and they are the largest mortgage lenders in the nation.
    Notes: The "Big Four" banks in China are all state-owned, and they are the largest mortgage lenders in the nation.
    Notes: The "Big Four" banks in China are all state-owned, and they are the largest mortgage lenders in the nation.
    Notes: The "Big Four" banks in China are all state-owned, and they are the largest mortgage lenders in the nation.
    Notes: The "Big Four" banks in China are all state-owned, and they are the largest mortgage lenders in the nation.
    Notes: The "Big Four" banks in China are all state-owned, and they are the largest mortgage lenders in the nation.
    Notes: The "Big Four" banks in China are all state-owned, and they are the largest mortgage lenders in the nation.
    Notes: The "Big Four" banks in China are all state-owned, and they are the largest mortgage lenders in the nation.
    Notes: The "Big Four" banks in China are all state-owned, and they are the largest mortgage lenders in the nation.
    Notes: The "Big Four" banks in China are all state-owned, and they are the largest mortgage lenders in the nation.
    Notes: The "Big Four" banks in China are all state-owned, and they are the largest mortgage lenders in the nation.
    Notes: The "Big Four" banks in China are all state-owned, and they are the largest mortgage lenders in the nation.
    Notes: The "Big Four" banks in China are all state-owned, and they are the largest mortgage lenders in the nation.
    Notes: The "Big Four" banks in China are all state-owned, and they are the largest mortgage lenders in the nation.
    Notes: The China Banking Regulatory Commission (CBRC) works along with the PBOC to supervise and set regulations on mortgage lending.
    Notes: The China Banking Regulatory Commission (CBRC) works along with the PBOC to supervise and set regulations on mortgage lending.
    Notes: The China Banking Regulatory Commission (CBRC) works along with the PBOC to supervise and set regulations on mortgage lending.
    Notes: The China Banking Regulatory Commission (CBRC) works along with the PBOC to supervise and set regulations on mortgage lending.
    Notes: The China Banking Regulatory Commission (CBRC) works along with the PBOC to supervise and set regulations on mortgage lending.
    Notes: The China Banking Regulatory Commission (CBRC) works along with the PBOC to supervise and set regulations on mortgage lending.
    Notes: The China Banking Regulatory Commission (CBRC) works along with the PBOC to supervise and set regulations on mortgage lending.
    Notes: The China Banking Regulatory Commission (CBRC) works along with the PBOC to supervise and set regulations on mortgage lending.
    Notes: The China Banking Regulatory Commission (CBRC) works along with the PBOC to supervise and set regulations on mortgage lending.
    Notes: The China Banking Regulatory Commission (CBRC) works along with the PBOC to supervise and set regulations on mortgage lending.
    Notes: The China Banking Regulatory Commission (CBRC) works along with the PBOC to supervise and set regulations on mortgage lending.
    Notes: The China Banking Regulatory Commission (CBRC) works along with the PBOC to supervise and set regulations on mortgage lending.
    Notes: The China Banking Regulatory Commission (CBRC) works along with the PBOC to supervise and set regulations on mortgage lending.
    Notes: The government in the past has altered property tax rates and changed mortgage lending rates in order to stimulate the housing finance market. Employers also offer a variety of interest-free loans and other subsidies in order to allow their employees to purchase homes.
    Notes: The government in the past has altered property tax rates and changed mortgage lending rates in order to stimulate the housing finance market. Employers also offer a variety of interest-free loans and other subsidies in order to allow their employees to purchase homes.
    Notes: The government in the past has altered property tax rates and changed mortgage lending rates in order to stimulate the housing finance market. Employers also offer a variety of interest-free loans and other subsidies in order to allow their employees to purchase homes.
    Notes: The government in the past has altered property tax rates and changed mortgage lending rates in order to stimulate the housing finance market. Employers also offer a variety of interest-free loans and other subsidies in order to allow their employees to purchase homes.
    Notes: The government in the past has altered property tax rates and changed mortgage lending rates in order to stimulate the housing finance market. Employers also offer a variety of interest-free loans and other subsidies in order to allow their employees to purchase homes.
    Notes: The government in the past has altered property tax rates and changed mortgage lending rates in order to stimulate the housing finance market. Employers also offer a variety of interest-free loans and other subsidies in order to allow their employees to purchase homes.
    Notes: The government in the past has altered property tax rates and changed mortgage lending rates in order to stimulate the housing finance market. Employers also offer a variety of interest-free loans and other subsidies in order to allow their employees to purchase homes.
    Notes: The government in the past has altered property tax rates and changed mortgage lending rates in order to stimulate the housing finance market. Employers also offer a variety of interest-free loans and other subsidies in order to allow their employees to purchase homes.
    Notes: The government in the past has altered property tax rates and changed mortgage lending rates in order to stimulate the housing finance market. Employers also offer a variety of interest-free loans and other subsidies in order to allow their employees to purchase homes.
    Notes: The government in the past has altered property tax rates and changed mortgage lending rates in order to stimulate the housing finance market. Employers also offer a variety of interest-free loans and other subsidies in order to allow their employees to purchase homes.
    Notes: The government in the past has altered property tax rates and changed mortgage lending rates in order to stimulate the housing finance market. Employers also offer a variety of interest-free loans and other subsidies in order to allow their employees to purchase homes.
    Notes: The People's Bank of China alters the upper and lower interest rate limits of what lenders can offer mortgages at based upon the economic climate at the time.
    Notes: The People's Bank of China alters the upper and lower interest rate limits of what lenders can offer mortgages at based upon the economic climate at the time.
    Notes: The People's Bank of China alters the upper and lower interest rate limits of what lenders can offer mortgages at based upon the economic climate at the time.
    Notes: The People's Bank of China alters the upper and lower interest rate limits of what lenders can offer mortgages at based upon the economic climate at the time.
    Notes: The People's Bank of China alters the upper and lower interest rate limits of what lenders can offer mortgages at based upon the economic climate at the time.
    Notes: The People's Bank of China alters the upper and lower interest rate limits of what lenders can offer mortgages at based upon the economic climate at the time.
    Notes: The People's Bank of China alters the upper and lower interest rate limits of what lenders can offer mortgages at based upon the economic climate at the time.
    Notes: The People's Bank of China alters the upper and lower interest rate limits of what lenders can offer mortgages at based upon the economic climate at the time.
    Notes: The People's Bank of China alters the upper and lower interest rate limits of what lenders can offer mortgages at based upon the economic climate at the time.
    Notes: The People's Bank of China alters the upper and lower interest rate limits of what lenders can offer mortgages at based upon the economic climate at the time.
    Notes: The People's Bank of China alters the upper and lower interest rate limits of what lenders can offer mortgages at based upon the economic climate at the time.
    Notes: The top four mortgage lenders, all commercial banks, grant over half of mortgages.
    Notes: The top four mortgage lenders, all commercial banks, grant over half of mortgages.
    Notes: The top four mortgage lenders, all commercial banks, grant over half of mortgages.
    Notes: These figures do not include outstanding mortgage loan balances for HPF loans.
    Notes: These figures do not include outstanding mortgage loan balances for HPF loans.
    Notes: These figures do not include outstanding mortgage loan balances for HPF loans.
    Notes: These figures do not include outstanding mortgage loan balances for HPF loans.
    Notes: These figures do not include outstanding mortgage loan balances for HPF loans.
    Notes: These figures do not include outstanding mortgage loan balances for HPF loans.
    Notes: These figures do not include outstanding mortgage loan balances for HPF loans.
    Notes: These figures do not include outstanding mortgage loan balances for HPF loans.
    Notes: While very small compared to other funding sources, commercial banks have continued to issue increasing levels of RMBS in the last few years.
    Notes: While very small compared to other funding sources, commercial banks have continued to issue increasing levels of RMBS in the last few years.
    Notes: While very small compared to other funding sources, commercial banks have continued to issue increasing levels of RMBS in the last few years.
    Notes: While very small compared to other funding sources, commercial banks have continued to issue increasing levels of RMBS in the last few years. As of 2015, RMB26 billion outstanding.