Guangzhou limits sale of homes bought within two years

Updated 2017-03-31 09:31:13 Xinhua

The southern Chinese city of Guangzhou has restricted the resale of homes purchased within less than two years to cool the property market.

The new rule, which goes into effect Friday, allows home owners to resell a property, including both new and second-hand homes, only two years after they obtain the ownership certificate.

Under the rule, those who give a home to another party as a gift may not buy a new one within two years.

The new restriction came less than two weeks after other restrictive measures on purchases were unveiled.

Starting in mid-March, Guangzhou prohibited single adults (including divorced individuals) from buying a second home. Non-resident families are allowed to buy one house if they can provide personal income tax or social security records for at least five years in the city. Previously, the requirement was only three years.

The city also raised the minimum down payment percentage in some circumstances, though not for first-time buyers. Those who do not have a home in Guangzhou but have housing loan records must pay more.

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