48878
China Tightens Curbs on Home Purchase
China Tightens Curbs on Home Purchase

China Tightens Curbs on Home Purchase

China Tightens Curbs on Home Purchase

China’s southern Xiamen city, where home-price gains led the nation last month, banned some buyers from purchasing homes, joining larger hubs in trying to cool soaring property prices.
Xiamen, a port city in eastern Fujian province, will suspend selling homes to local buyers who already own two residences, and will ban non-residents from buying a second house, it said in a Wednesday statement on the city’s land resources and real estate management bureau website. Curbs will be effective from Sept. 5 to the end of 2017. The newly-unveiled home-purchase curbs apply to residences smaller than 144 square meters in area, according to the statement, Bloomberg reported.
Home prices in Xiamen rose 4.6% in July, the biggest increase among 70 cities tracked by the government, after climbing 4.7% the previous month. They’ve jumped 38% in the past year, a record for the city.
In Shanghai, home prices gained 1.4% in July, and they increased 2% in the southern business hub of Shenzhen, cooling from earlier levels after the cities unveiled curbs in March designed to deter speculative purchases.
Xiamen stepped up tightening imposed in July, when the city government raised mortgage down-payment requirements for some second homes to 60% from 40%. Earlier this month, Nanjing, Jiangsu’s provincial capital, and Suzhou, a regional manufacturing base, also raised down-payment requirements for some buyers of second residences, adding to restrictions introduced in Hefei, the provincial capital of Anhui.
“It’s a signal that more tightening is looming,” said Zhang Hongwei, a research director at Shanghai-based Tospur Real Estate Consulting Co. “More large second-tier cities are likely to impose housing curbs, either raising down-payment thresholds or introducing home-buying bans.”

Short URL : http://goo.gl/S3Hz3v
  1. http://goo.gl/b6cEk5
  • http://goo.gl/ZXrcO9
  • http://goo.gl/Qy03hT
  • http://goo.gl/xlBmzN
  • http://goo.gl/zUQcly

You can also read ...

China Warned of Ballooning SOEs
Former chief of the World Bank Robert Zoellick cautioned China...
Business confidence fell to its lowest level since August 2013 and around 7% of companies expected a contraction.
According to data from the International Monetary Fund in...
Shrinking unemployment in the US, Japan and the eurozone finally forces companies  to lift wages to retain and attract staff.
Workers in the world's richest countries are getting their...
New Zealand Q2 GDP Growth Picking Up
New Zealand’s economic growth is expected to have accelerated...
Saudi Sovereign Fund Secures $11 Billion Loan
Saudi Arabia's sovereign wealth fund said Monday it had...
Lira Eases Against Dollar
Turkey’s lira weakened against the dollar on Monday as...
By 2025 more than half of all current workplace tasks  will be performed by machines.
Robots will handle 52% of current work tasks by 2025, almost...
Myanmar Businesses Want Lower Taxes
Myanmar businesses are urging the government to lower the...

Trending

Googleplus