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Home curbs extended to smaller cities

08-29-2011 12:22 BJT

After a large number of first tier Chinese cities implement the limit purchasing policy, now the property curbs may extend to other second and third tier Chinese cities. Taizhou, a city in eastern Zhejiang province became the first of those cities to rein in housing speculation. Zou Yun has more details.

Taizhou has restricted buying of new homes by local families who own two or more apartments and has also extended the policy to non-local registered families if they can not provide resident permits or documents to prove that they have been paying social security or income tax for 12 months in the past two years.

The policy will take effect on September 1st. Even though it is still early to judge how will the policy impact the city's property market, it's starting to affect home purchasers' choice.

A local citizen in Taizhou said, "I decided to wait longer and see how home price will go in the second half of this year. I believe the price will fall."

Now the property curbs may extend to other second and third tier Chinese cities.

With home buyers from surrounding first-tier cities like Shanghai and Ningbo flowing to Taizhou, home prices in the city have increased greatly in recent years. Some experts say limits on purchasing properties is one of the most effective measures to cap soaring prices.

Gu Yunchang, Vice president of China Real Estate Association said, "We should be focusing on curbing the excessive growth in property prices. And the limits on purchasing properties is the most effective solution."

Gu added that his research on home figures show that limit purchasing policy on homes turned out to be effective in cool down the hot property market. And for those curbing measures that do not involve limits on home purchases, it will be hard to see the effectiveness.

Now the property curbs may extend to other second and third tier Chinese cities.

 

Editor:Li Wanran |Source: CNTV.CN

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