The Shanghai Housing Guarantee and Administration Bureau said it has ordered real estate developers to register their sales plans with the local industry watchdog to prevent them holding the properties for higher profits.
The Shanghai Bureau of the China Banking Regulatory Commission said banks in Shanghai must strictly comply with the down-payment requirement on second homes.
The regulator added that banks also can’t use their own definition of what constitutes a second home.
When the market lost steam from the second half of last year, many banks ignored the rule on interest rates and some even ignored the down-payment requirements.
You must log in to post a comment.
Yes, I would like to receive emails from China Economic Review. (You can unsubscribe anytime)
Copyright © 2018 SinoMedia Group Limited All rights reserved