Chinese cities in new push against property prices

Big Chinese cities have launched a new round of lending curbs and purchase restrictions in an effort to cool overheated property markets, as official media warn that some have veered towards a bubble. According to the Financial Times, sky-high prices in cities including Beijing, Shanghai and Shenzhen are stoking anger, even among relatively well-off professionals. On Zhihu, a Chinese crowdsourced question-and-answer platform, a thread about Beijing house prices has attracted 17.8m page views. In the top-ranked post, a graduate of the prestigious Peking University said that despite a promising job at a top-ranked research institute, he could not afford a home for his family, and had to move. Authorities in Beijing and four provincial capitals – Guangzhou, Zhengzhou, Changsha, and Shijiazhuang – have all introduced new property tightening measures, including higher down payment requirements on second homes and restrictions on purchases of second or third homes.