Six Ministries Mobilize 300 Billion Yuan for Affordable Housing
Six central ministries are jointly advancing the deployment of a 300 billion yuan special relending facility for affordable housing — a flagship supply-side instrument designed to absorb unsold inventory and accelerate the delivery of social housing.
Two-Pronged Support
- 300 billion yuan affordable-housing relending program being rolled out
- "Sell-one-buy-one" (sell one, buy one) personal income tax rebate extended to end of 2027
- Seen by the market as a key window near the "policy bottom"
How the Relending Works
The relending facility provides low-cost funding to policy banks and qualified entities, enabling the purchase of existing homes for conversion into affordable and rental housing. This directly relieves developers' inventory pressure while expanding the social housing stock — a rare win-win in the current market.
Tax Incentive Extended
The extension of the "sell-one-buy-one" personal income tax rebate to the end of 2027 encourages upgraders to trade up without a punitive tax hit, supporting secondary-market liquidity and new-home demand simultaneously.
Approaching the Policy Floor
Market observers increasingly view the current wave of coordinated measures — from down-payment cuts to relending — as evidence that policy support is approaching its ceiling. For buyers and investors, that signals the "policy bottom" may be in, even if the "market bottom" takes longer to confirm.