Local gov­ern­ments cool hous­ing mar­ket

China Daily (USA) - - NEWS CAPSULE -

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. (Photo 3)

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