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Shanghai reiterates property curbs after reports of easing

03-01-2012 10:48 BJT

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Earlier reports said the Shanghai government would allow some residence permit holders to buy second homes by loosening the definition of locals. It gave rise to expectations that policies aimed at cooling China’s property market may be eased.

However, the loosening has been officially cancelled. The local property authorities released a notice that they will stick to strict control policies to dampen speculative investment.

Contrary to earlier reports, non-local residents in Shanghai are not qualified to buy second homes once they have held residence permits for 3 years. This is according to the latest information from property exchange center in Shanghai.

Service staff with Jiading Property Exchange Center said: "You can only buy one property. Second one is not allowed. The policy has changed according to the guidance of the Shanghai government."

But just a few days ago, the answer was different. The Shanghai Securities News reported non-local residents were qualified to buy second homes in Shanghai if they had held residence permits for 3 years, citing the city’s housing regulator. However analysts say the sudden change of policy shows the government’s determination to continue property tightening.

Yao Lingzhen, deputy director of Real Estate Research with Shanghai University of Finance & Economics said: "The reason behind the halt of the policy may be the social reaction to it. Many people saw it as a loosening of current property control policies. So they have different opinions. The Shanghai government decided to cancel the policy to continue strict property tightening."

The Shanghai government released a series of notices. They said cooling property policies will be continued and strictly implemented.


Editor:Zhang Rui |Source: CNTV.CN

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