More Chinese cities restrict property sales

Updated 2017-05-05 09:00:33 Xinhua

In its latest efforts to cool runaway housing prices, Zhengzhou, capital of central China's Henan Province, put restrictions on property sales in more counties, effective Thursday.

Local authorities have stipulated that houses in eight counties purchased after May 3 cannot be sold within three years after purchase.

More than 20 cities -- mainly second- and third-tier cities in China -- have introduced restrictive policies to intensify property market regulations since April.

The new regulation in Zhengzhou will slash speculative demand in the local property market and boost stable development, said Yan Yuejin, senior researcher with E-house China R&D Institute.

Zhang Dawei, a senior analyst with Centaline Property, said that speculative capital is flowing to hot areas without sales restrictions due to tightened regulations, especially in large cities, which will lead more cities to step up regulatory measures.

"Ten more third- and fourth-tier cities around Xiongan New Area have rolled out house purchase restrictions," said Yang Kewei, researcher with property research center CRIC, adding that cities like Zhuhai, Dongguan and Jiaxing, which surround first-tier cities, have scaled up their purchase bans recently.

Restrictions on property sales have become a trump card for many cities. So far, over 20 cities have rolled out similar restrictions.

"Sales restrictions are local governments' new method to regulate property markets, featuring the latest round of tightened regulation beginning in March," said Zhang.

Yang also pointed out that sales restrictions are going to be part of the long-term mechanism of property market regulation, combined with purchase bans and credit limits.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58March 24 2018 08:38:42

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16March 24 2018 08:38:42

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18March 24 2018 08:38:42

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords