New-home prices jumped in February as Chinese rushed to complete housing purchases before restrictions announced earlier this month kick in, The Wall Street Journal reported. The cost of a new home rose 1.01% month-on-month in February, up from a 0.54% increase in January, according to Journal calculations based on a government survey of 70 large and medium cities. The square footage of housing sold increased 55.2% in January and February combined, compared to the same period a year prior. China’s cabinet pledged earlier this month to enforce a 20% capital gains tax on the sale of second homes, among other measures to discourage speculative home purchases.
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