Shanghai and several other cities have moved to restrict home purchases in a bid to deflate the real estate bubble.
Chinese cities curb home purchases
Shanghai and several other cities have moved to restrict home purchases in a bid to deflate the real estate bubble, Xinhua reports. The rules, revealed by Shanghai's Housing Guarantee and Administration Bureau on Saturday, prohibit home purchases by families with official Shanghai residency who already own two or more homes, and non-residents who already own at least one. Non-residents will also have to produce documents to certify they have paid social security or income tax in the city for one year.
Nanjing and Harbin implemented similar restrictions on the same day. On Wednesday, Beijing unveiled even tougher measures to restrict home purchases by non-residents, demanding proof of social security or income tax payments in the city for five straight years.
(China.org.cn February 21, 2011)