Three cities expand property curbs

Updated 2017-03-29 16:41:48 chinadaily.com.cn

Three major cities in East China, Hangzhou, Xiamen and Fuzhou, have further tightened housing purchase restrictions in the latest bid to rein in rising prices, Economic Information Daily reported.

Hangzhou, capital of East China's Zhejiang province, announced that starting from Wednesday, single people (including divorced individuals) with a local “hukou” (permanent residence permits) who own at least one house in the main urban districts will not be allowed to buy a new house or second-hand house.

Those who already own one house or have no house in Hangzhou but have housing loan records will also be treated as second home buyers, and the minimum down payment ratio will be no less than 60 percent, a notice from the Hangzhou housing authority said.

Purchase restrictions have also been introduced in Xiamen and Fuzhou.

Xiamen announced that starting Wednesday, people without local “hukou” must provide a record that they have paid income tax and social security payments for three consecutive years in the last four years if they want to buy a commercial residential house of or under 180 square meters in the city.

Fuzhou, capital of East China's Fuzhou province, announced that starting Wednesday, those without local “hukou”, even if they have paid overdue income tax and social security payments, will not be qualified for buying a house in the five main urban districts. The city also raised the down payment requirement for second home purchases in the city to at least 50 percent.

On March 17, Beijing decided to cool the city's property market by raising the down payment for second homes and suspending housing loans with a maturity of 25 years or more.

Following Beijing, a string of cities including Nanjing, Qingdao, Zhengzhou, Shijiazhuang and Guangzhou have rolled out tightened rules to curb property market speculation since then.

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