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5 guidelines for housing restrictions in 2nd, 3rd tier cities

08-18-2011 16:55 BJT

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China's top housing authority has detailed five guidelines to help local governments decide whether they should introduce curbs on house purchases. The move comes as the country continues its fight against speculation in the market. If local governments find they meet two of the five conditions, they're advised to impose a home-purchase ban similar to those already in place in China's major cities.

The five guidelines are:

-If the city is amongst the leading gainers in the monthly report by the National Bureau of Statistics, which tracks home prices in 70 major cities;

- Where residential property prices register notable increases between June this year, and the end of last year;

-Where transaction volumes in the first half of the year increased significantly from a year earlier;

-If the city is located near other cities where property curbs are already in place, and where locals make up a small proportion of the total volume of home buyers; and

- Where local residents complain about housing prices and are dissatisfied with the current restrictive policies.

Hu Jinghui, a real estate expert said, "These five conditions take both prices and transaction volume into consideration. They also include the opinions of local residents. Overall, they are very objective and well-considered."

Local governments are required to self evaluate to see if they meet the conditions first. The National Bureau of Statistics will release July housing price figures for 70 medium and large cities shortly, which will be used to decide which cities will introduce the new measures.

Hu said, "I think the home-purchase ban in second and third-tier cities will take effect in August. We are collecting statistics already and the official figures will come out very soon. On the other hand, September and October are the peak seasons in house purchasing. They will try to come up with the new policies before that."

According to an earlier research which tracked 50 second and third-tier cities where there are no curbs on people buying properties, 14 cities - including Langfang in Hebei Province, Weihai, and Yantai in Shandong Province - are expected to introduce property curbs, as they have a notable proportion of out-of-town buyers and prices there have risen rapidly in the first half of this year.

Editor:Li Wanran |Source: CNTV.CN

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