Chongqing municipality has launched a new subsidy policy for first-home buyers, the Shanghai Securities News reported Monday.

The policy says first-home buyers in Chongqing's 10 major districts who buy an apartment on mortgage and pay personal income tax in those areas would receive subsidies. The amount will depend on the amount of tax paid.

The subsidies will be provided only for first-home buyers, including those buying first homes to improve their living standards. It was similar to the "tax refund policy," the report said.

The newspaper said this policy may not benefit Chongqing's local residents as they might already had places to live or still could not afford a home even with the subsidies. Instead, first-home buyers who have migrated to Chongqing and have purchasing power might be the beneficiaries.