Cities mandate waiting period for home resales

Updated 2017-08-09 09:47:51 Global Times

About 40 cities recently announced a waiting period of between 2 to 10 years before people can resell their homes.

The longest restriction was in Baoding, North China's Hebei Province, for 10 years, media reports said.

The cities' restrictions on housing sales aim to find a new balance between supply and demand, Gu Yunchang, deputy head of the China Real Estate and Housing Research Association, told the Global Times on Tuesday.

"Long-term mechanisms for the real estate market will help achieve two major goals. One is for people to find homes. The other is to stabilize housing prices," Gu said. "The long-term mechanisms can be deepened in four aspects: legislation covering the real estate industry; financial products reform; tax system reform and adjusting the structure of urban and rural areas."

Gu predicted growth for the real estate industry will slow down in the second half of the year.

Housing markets in third- and fourth-tier cities might grow faster than in first- and second-tier cities, Gu said.

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