Shenzhen solicits opinions on two regulations regarding housing provident funds, adding the option to withdraw down payments for home purchases.

The Housing and Construction Bureau of Shenzhen Municipality has released the draft for soliciting opinions on the amendments to the "Administrative Measures for the Housing Provident Fund Management of Shenzhen Municipality" and the "Regulations on the Management of Housing Provident Fund Withdrawals in Shenzhen Municipality" on its website. This includes: 1. Proposal to add six new withdrawal scenarios to support employees in housing consumption and increase support for employees purchasing their first or second homes, with the draft proposing to add six new withdrawal scenarios in the "Withdrawal Regulations." 2. Proposal to add a new provision for withdrawing funds for the down payment for home purchases, where employees and their family members can withdraw funds from the housing provident fund to pay for the down payment when purchasing their first or second home in the city. The withdrawal amount can be the full balance of the housing provident fund account for the first home, and 60% of the balance for the second home, as long as it does not exceed the down payment. This is aimed at helping employees in need to raise funds for the down payment and reduce the burden of purchasing a home. 3. Proposal to add a new provision for withdrawing funds for housing taxes, where employees and their family members can apply to withdraw funds from the housing provident fund to pay for deed taxes and other housing taxes when purchasing their first or second home in the city. The withdrawal amount is not limited by whether it is the first or second home, as long as it does not exceed the actual amount of taxes paid for the home. The withdrawal application must be made within 3 years from the issuance of the tax receipt. 4. Proposal to add a new provision for withdrawing funds for repayments on out-of-town home purchases, where the scope of repayments that can be withdrawn will be expanded from Shenzhen to the entire country. Employees and their family members who repay the principal and interest on a loan for their first or second home purchased nationwide can apply to withdraw funds from the housing provident fund. The monthly withdrawal amount for the first home is the actual repayment amount for the month, and for the second home it is 60% of the amount due for the month, as long as it does not exceed the actual repayment amount for the month.