Top 10 China News of 2011
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China.org.cn, December 28, 2011
The following are the top 10 China news of 2011 selected by China.org.cn.
China's housing purchase restriction policies
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Lose-lose [By Jiao Haiyang/China.org.cn] |
The purchase limits came after the State Council, China's Cabinet, ordered late January that cities where home prices are skyrocketing must implement strict measures to restrict home purchases over a period of time.
On February 16, the nation's capital Beijing took the lead in promulgating a series of new purchase limit policies to help cap the soaring home prices, which prohibit new home purchases by Beijing families who own two or more apartments and non-Beijing registered families who own at least one apartment.
Non-Beijing registered families are also banned from buying apartments if they have no residence permit or documents certifying that members of the family have been paying social security or income tax for five straight years.
In the following, Shanghai and several other Chinese cities have moved to restrict home purchases in a bid to deflate bubbles in the real estate market.
With the tightening policies and rises in unsold housing supplies, the property market in China is experiencing apparent price reductions.
But Premier Wen Jiabao said in November that the government will not waver on tightening measures and pledged to bring house prices down to a "reasonable level."
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