Shanghai Pushes ‘Old for New’ Housing Policy in Attempt to Save Property Market

News Analysis Shanghai, a metropolis in China that used to boast skyrocketing property prices, has launched a “old for new” housing policy, following more than 30 Chinese cities who have adopted similar measures in an attempt to save the nation’s failing property market. The policy, however, will not do much good given people’s declining purchasing power and China’s high real estate taxes, according to an economist. Based on reports in Chinese state media, Shanghai’s “old for new” program primarily targets those planning to sell their homes and purchase newly-built ones. Under the policy, buyers intending to purchase new homes first express their intention with real estate developers and then have their homes promoted for sale by real estate agencies. After selling their “old” homes, they proceed with the agreed-upon new home transactions....