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Beijing, Shanghai announce detailed property curbs (3)


09:27, March 31, 2013

Home buyers are eager to purchase houses because they expect a rising real estate price. The new rules will cool the property market, and help bring down the price to a rational one, Zhang said.

The rules caught the public's eye as soon as it came out.

Li Yu, a 27-year-old while collar, said most single adults who have a proper job cannot afford to buy a house in Beijing.

The average price of Beijing's used house reached 25,475 yuan (4,101 U.S. dollars) per square meter by the first half of January, according to a survey done by Bacic5j5j Group.

Like many of her colleagues, Li rushed to buy a house this month before property curb measures were detailed.

On March 22, She bought a 57-square-meter house near Beijing's Second Ring Road for 2.15 million yuan. "Even the tax was as high as 100,000 yuan," said Li.

"I don't think the rules can impose any restrictions on those who have two or more houses. And those who in need of a house still cannot afford one," she said.

Li Wenjie, director of Beijing Real Estate Agent Association, said the rules may be effective in the short term, but increasing land supply and collecting property tax from house owners can yield better result.

"The purchase limit policy will not last forever. It should be replaced by long-term effective measures," said economist Ma Guangyuan.

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