Housing regulators announce new financial perks in Shanghai

Shanghai's housing and financing regulators jointly announced on Friday that people who own no residential properties at the moment would be treated as first-time home buyers and would be able to enjoy favorable mortgage conditions during their credit application.

Taking effect on Saturday, the notice stated that, regardless of their previous home mortgage history, as long as members of families (including borrowers, spouses and minor children) applying for housing loans do not own a unit of apartment in the city, the family members should be treated as first-time home buyers during their mortgage application.