Shanghai moves to cool red-hot property market
Buyers must put down 50-70 per cent of price of a second home to qualify for mortgage
Add BT as a preferred source
Shanghai
MUNICIPAL authorities in Shanghai tightened mortgage downpayment requirements for second home purchases on Friday, in a move to cool an overheating property market and reduce fears of a bubble.
Senior Chinese leaders raised concerns about the country's overheated housing market during an annual parliament meeting this month, and Shanghai is the biggest city to take action in the wake of the National People's Congress, which ended a week ago.
TRENDING NOW
Early payout from Philippines’ Maharlika Investment Fund raises eyebrows over its true nature
A new kind of ‘ceasefire’ between US and Iran where talks, strikes are part of the same process
Philippines’ income upgrade hides grim reality for most Filipinos
Macquarie upgrades STI 12-month target to 6,000, names its top picks
