Three more Chinese cities set new curbs on home-buying to prevent bubble
[HONG KONG] Two cities in China's southern Guangdong province and the southeast city of Fuzhou imposed new home buying restrictions on Thursday aimed at preventing a property bubble.
The tightening measures imposed in Zhuhai, Dongguan and Fuzhou included raising downpayment requirements and restricting owners of two properties from buying more.
In the previous six days, 14 Chinese cities have imposed similar administrative restrictions to curb property speculation.
But real estate agents said that readily available, cheap mortgages and strong demand are likely to keep China's property market rising, even if restrictions dampen sales and prices over the short term.
The three cities on Thursday raised downpayment requirement for second-home buyers to 40 per cent from 30 per cent, while Fuzhou raised the requirement even for first-time buyers if they are not local residents.
Dongguan also restricted families who have two or more properties from taking out mortgages or buying apartments of any size, while the other two still allow buyers to acquire apartments larger than 144 square metres.
In Guangdong province, first-tier city Guangzhou already has home purchase restrictions in place while Fushan imposed new curbs on Oct 4.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Private home prices ease to 1.4% rise in Q1; rents fall a further 1.9%
Singapore office rents in central region fall 1.7 per cent in Q1 after rising for 9 quarters
Singapore retail rents slip 0.4% in Q1 as vacancy rates creep up
Country Garden plans to present debt revamp plan in H2, sources say
Hong Kong home prices rise for first time in 11 months after curbs scrapped
HDB resale prices accelerate, rising 1.8% in Q1 on stronger demand