Local governments cool housing market
Local governments in nine cities have announced new restrictions on property purchases, designed to dampen speculative buying and curb soaring prices.
Tianjin, Suzhou, Zhengzhou, Chengdu, Jinan, Wuxi, Hefei and Wuhan followed an announcement made in Beijing late Friday night, and introduced measures to cool the residential property market, such as raising down payment requirements for second homes or banning the purchase of second and third homes.
Average prices of commercial residential property in the cities have registered doubled-digit, year-on-year rises in the past few months.
According to the National Bureau of Statistics, the average price of new homes in 70 major cities rose 9.2 percent year-onyear in August, from 7.9 percent in July. More than 90 percent of the cities saw prices rise on a monthly basis.
Visitors take selfies as crowds gather in Tian’anmen Square in Beijing on Saturday to celebrate National Day, marking the 67th anniversary of the founding of the People’s Republic of China.