Chinese cities tighten rules on home resales

Shanghai

SEVERAL large Chinese cities including Shijiazhuang, Chongqing, Nanchang, Nanning and Guiyang are imposing restrictions on home resales as part of the nation's campaign to cool its heated property sector.

Chongqing will ban sales of new and existing residential properties in downtown areas within two years of purchase, according to a statement on the city's housing authority website. The move seeks to curb speculative investment and boost healthy development of the property market, it said on Friday. The measure took effect from Sept 23.