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

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

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…

Article by [author-name] (c) South China Morning Post - Read full story here.

By | 2020-09-15T23:00:16+00:00 September 15th, 2020|Business|Comments Off on Shenzhen launches marital information-sharing system with banks to prevent speculators from posing as first-time buyers