Guiyang expands commercial house 'trade-in' program

Guiyang announced the second batch of real estate developers and projects participating in commercial house "trade-in" program on Jan 29, adding five new residential projects.

The five new projects span a variety of districts and target groups in Guiyang, broadening residents' options. To date, the total number of participating projects has reached 21, which, together with seven participating commercial banks and two large-scale real estate intermediary agencies, form a complete service network.

To participate in the program, residents simply need to complete the process online through the "Guiyang Housing Leasing (Existing Housing Transaction) Platform" WeChat mini-program. After registering their existing home and intended new home on the platform, matched intermediary agencies, developers, and banks organized by industry associations will reach out to provide one-stop services ranging from selling the old home to selecting a new one and processing loans. Participating intermediary agencies have committed to charging a service fee of no more than 2.5 percent of the transaction price of the old home, which is more favorable than the market standard of 3 percent.

Regarding the sale of existing homes, the policy standardizes intermediary services. All participating agencies have completed the required registration and their agents have obtained professional practice information cards, providing regulated, high-quality intermediary services to home-swappers and helping them avoid transaction risks associated with unqualified agencies.

Since the program was launched in early January, 34 residents have experienced the commercial house "trade-in" policy. Real estate intermediary agencies have ensured frontline staff members can interpret the policy and provide services through tiered training sessions and policy handbooks, offering professional services to home-swappers.