Guangzhou stops sales of high-end homes

The city of Guangzhou has stopped the sales of some luxury homes, in an attempt to curb price rises that could mislead potential buyers and sellers, according to the city’s housing bureau, The Wall Street Journal reported. The Municipal Land Resources and Housing Administrative Bureau said on its microblog that high-end residential sales were raising average prices and required “phased” property controls in response. The bureau did not say how long the new limit would persist. Average prices of newly built homes rose in August by 0.37% from July to US$2,425 a square meter, continuing a four-month rise, according to China Real Estate Index System. Since May, the property market has been warming in a number of Chinese cities, when the government adjusted policies to promote first-time home purchases.