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ECONOMY
THIS WEEK> THIS WEEK NO. 15, 2013> ECONOMY
UPDATED: April 8, 2013 NO. 15 APRIL 11, 2013
Detailed Curbs
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A month of heated debate, guesswork and worrying has ultimately come to an end as cities across China confirmed details of property curbs created to tame an overheated market.

On March 30, Beijing, Shanghai and Chongqing, along with Hefei of Anhui Province and Xiamen of Fujian Province announced precisely how they will implement the Central Government's regulatory plan set earlier this month.

With no firm timeline set for the imposition of the measure, which is designed to cool the red-hot property sector, many are racing to sell.

South China's Guangdong Province was first to detail its implementation of the measures on March 26.

Beijing ruled that single adults with permanent local residence, and who have not made purchases in the city before, are allowed to buy only one apartment.

Shanghai said banks would be banned from giving loans to local residents who are buying a third apartment or more.

The two cities both vowed to strictly implement the 20-percent tax on capital gains from property sales.

Chongqing pledged that the growth rate for home prices would be lower than growth in per-capita income in order to make homes more affordable for purchase.



 
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