China’s surging housing market is expected to cool, at least for a while, as a new package of policies that include purchasing restrictions, property taxes and the availability of government-subsidized flats are implemented nationwide.
The government’s latest tightening measure means more than a dozen Chinese cities, including Beijing, Shanghai and Tianjin, have capped the number of apartments a family can buy, especially raising the level of difficulty for non-residents to buy apartments for investment.
The central government also raised the down-payment requirement for second home purchases and the lending rates, while Chongqing and Shanghai have introduced the country’s first-ever property taxes.
English.news.cn quoted the National Bureau of Statistics as saying last week that under its readjusted calculation system, prices of new properties in the country’s 70 major cities continued to rise in January.
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