China's moves to cool soaring property prices may be working

Beijing

THE push by China's policy makers to rein in property bubbles looks to be getting traction, according to early indicators from the nation's biggest cities.

Beijing home sales volume plunged 41 per cent year-on-year last month while Shanghai's slumped 18 per cent, China Real Estate Information Corp data show, after new purchase restrictions and tightened mortgage lending. Transactions fell 50 per cent in smaller cities.