The 2024 Ordos Commercial Housing Exhibition and Trade Fair kicked off on Nov 11. During the event, a series of measures provided buyers with a real "house-buying gift package", from the government's direct subsidies to the new provident fund policy and commercial bank credit concessions. This not only revitalized the real estate market in Ordos, but also allowed people to achieve their dreams of owning a house.

Commercial housing is exhibited. [Photo/WeChat account of Nuan news]

The most notable part of the event is the revelation that the government is allocating 50 million yuan ($6.92 million) in subsidies for house purchases. Starting Nov 11, anyone who buys the exhibited commercial houses on the "Livable Warm City" mini program can receive a subsidy for their purchase.

In Kangbashi district, the subsidy is 1 percent of the recorded contract price, while in other banners and districts it is 1.5 percent. Meanwhile, families with local household registration in Ordos and two or three children after Nov 22, 2023 can enjoy a subsidy of 2 percent of the recorded contract price.

A salesperson introduces properties to consumers. [Photo/WeChat account of Nuan news]

The provident fund preferential policies are also a highlight. This time's adjustment not only increases the provident fund's loan amount, but also lowers the threshold for the use of the fund and the loan interest rate. If the buyer establishes a housing provident fund, the loan amount is raised to 600,000 yuan; if they are husband and wife, the loan amount is raised to 1 million yuan. High-level talent can borrow up to 2 million yuan. The minimum down payment for the purchase of the newly-built commercial housing has been adjusted to 20 percent, while the down payment ratio for affordable housing has been lowered to 15 percent. 

The purchase of real estate allows individuals to withdraw provident funds for the down payment, and a variety of business models have been launched, such as commercial-to-public loan portfolio loans, to meet the various housing needs of residents.

There is also some good news for families that rely on commercial loans to buy houses. The lower limit on interest rates for the first and second commercial personal housing loans has been removed, and the down payment ratio has been reduced to 15 percent, significantly enhancing loan accessibility and improving homebuyers' repayment capacity.

The event will last from Nov 11 to Dec 31, and real estate development enterprises in Ordos will combine the local reality to stack corresponding subsidies.