A new provident fund policy was introduced in many places, and "one person buys a house to help the whole family" was implemented.

More and more cities have introduced a new provident fund policy, making it clear that immediate family members can withdraw the housing provident fund to help buyers pay the house price or repay the mortgage, and implementing "one person buying a house to help the whole family".

According to incomplete statistics, this year at least includes Shaoyang, Hunan, Chaozhou, Guangdong, Qinhuangdao, Guangdong, Zhuhai, Ganzhou, Jiangxi, Cangzhou, Anhui, Chizhou, Chuxiong, Hebei, Xianning, Fujian, Quanzhou, Tianjin, Maanshan, Anhui, Shenzhen, Hainan, Xinyang, Henan, Wuzhong, Ningxia, Huzhou, Zhejiang, Lianyungang, Jiangsu, Taizhou, Zhejiang, Dingxi, Suining, Sichuan, Chuzhou, Anhui, and Guangdong. More than 30 cities, including Liaocheng, Shandong, have issued new provident fund loan policies. In many places, it is mentioned in the policy that children can withdraw their parents' provident fund when buying a house, and implement "one person buys a house to help the whole family".

Take Mianyang, Sichuan as an example. On September 28th, Mianyang City, Sichuan Province issued the Notice of Mianyang Municipal People's Government Office on Printing and Distributing Several Measures to Further Promote the Stable and Healthy Development of Mianyang Real Estate Market. According to the notice, the family housing provident fund implements intergenerational mutual assistance, that is, "one person buys a house and the whole family helps". From the date of implementation of these Measures to June 30, 2023, employees who have paid the housing provident fund normally in Mianyang City can purchase new self-occupied housing within the jurisdiction of Mianyang City, and can withdraw the housing provident fund of their spouses and their immediate family members (parents and children only) to pay the down payment for house purchase and repay the housing provident fund loan.

On September 29th, the Information Office of Shenyang Municipal People's Government of Liaoning Province held the "Policy Release Conference on Supporting Employees' Families to Withdraw Provident Fund by Stages". It was mentioned at the meeting that the Shenyang Housing Provident Fund Management Center decided to adjust the housing provident fund withdrawal policy in stages to support employees' families to help each other buy houses.

According to the New Deal, Shenyang will support employees' families to help each other withdraw housing provident fund. Regardless of whether the property owner has paid the housing provident fund, his spouse, children and parents of both husband and wife can withdraw the housing provident fund of the property. In terms of the withdrawal amount, if the house is purchased in full, the total withdrawal amount of the employee himself, his spouse, children and parents of both husband and wife shall not exceed the full purchase amount; If the house is purchased by loan, the total withdrawal amount of the employee himself, his spouse, children and parents of both husband and wife shall not exceed the down payment amount of the house purchase; Family mutual assistance extraction gives priority to the balance of the property owner and spouse's account, and only when the balance of the property owner and spouse's account is insufficient can the balance of the parents' account of children and couples be extracted.

On September 26th, the Housing and Urban-Rural Development Bureau of Ziyang, Sichuan Province published an article entitled "Promoting the Stable Development of the Real Estate Market with Multiple Measures". The article points out that Ziyang implements intergenerational mutual assistance of provident fund families. Workers who have paid for the purchase of self-occupied housing in Ziyang administrative area may apply for withdrawing the housing provident fund of their parents or children to pay for the house purchase; Deposited employees and their parents or children who purchase self-occupied housing in Ziyang administrative area and apply for housing provident fund loans are not restricted by the share of property rights of the paid employees in the purchased housing.

Liang Nan, an analyst at Zhuge Housing Search Data Research Center, pointed out that from the formal point of view, the policy adjustment of "one person buying a house to help the whole family" was carried out from the aspects of helping to repay the loan, helping to withdraw the provident fund to pay the down payment, and withdrawing the relatives' provident fund to pay for the house purchase, which further reflected the flexibility and diversity of policy adjustment and echoed the policy orientation of supporting residents' reasonable housing needs.

Liang Nan believes that the introduction of such policies is mainly due to the slow process of repairing the current property market and repeated epidemics in many places, which has led to a weak real estate trading market. Due to the city's policy, cities have made appropriate adjustments to the property market policy, shared the economic pressure of buyers through the help of immediate family members, restored the purchasing power of residents from the demand side, and boosted their purchasing sentiment, which provided an adjustment example for the adjustment of the national provident fund policy and was innovative to some extent. It is expected that some cities with low property market prosperity will follow up such policies and promote the expected repair of the market.

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