Property News · September 16, 2020

Shenzhen launches marital information-sharing system with banks to prevent speculators from posing as first-time buyers


Shenzhen, China’s answer to Silicon Valley, has set up an information-sharing system that will allow banks to access homebuyers’ marital status, closing a loophole that let married buyers amass property by submitting forged divorce papers and posing as first-time buyers.The city currently allows married couples to buy no more than two homes. They can borrow loans of up to 70 per cent of a property’s value at a lower rate for their first home, and up to 30 per cent for a second property. First…

Source : South China Morning Post
Read more…Shenzhen launches marital information-sharing system with banks to prevent speculators from posing as first-time buyers

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