12 Chinese cities restrict home sales by owners to fight speculation

Beijing

AT least 12 major Chinese cities are requiring newly bought homes to be held for at least two to three years before they can be sold, the first time that cities in the country are taking such measures and suggesting intensified government efforts to cool the red-hot property market.

Dongguan and Yangzhou - two major cities near the technology hub of Shenzhen and the financial hub of Shanghai, respectively - joined the list of cities seeking to crack down on short-term speculation.