New housing rules to take effect in 72 cities

16:33, February 12, 2011      

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About 70 cities are expected to issue detailed restrictions on purchases of real estate in the next week, in what appears to be the central government's harshest measures yet to control housing prices, the Guangzhou-based 21st Century Business Herald reported.

The State Counsel issued a circular January 27 ordering cities where housing prices were too high or growing too fast, to issue detailed rules of house-buying restrictions no later than mid- February.

The move was the latest development in a nationwide campaign to stabilize real estate prices since the State Council issued a circular April 17 that contained measures such as forbidding commercial banks from giving loans for the purchase of a third home and raising the minimum down payment and loan rates for families wanting to buy a second home.

While about 20 cities, such as Beijing, Shanghai, Tianjin and Jinan, had already implemented the purchase restrictions, the new circular issued two weeks ago included more cities, such as some second-tier cities, participating in the move.

Experts believe a total of 72 cities will establish specific purchase restrictions in order to meet the deadline set by the State Counsel, according to the paper.

Zhang Dawei, a real estate industrial analyst, said that more than 60 cities across the country will implement strict purchasing restrictions, which would have a huge impact on the real estate market after February, 21st Century Business Herald reported.

Source: Global Times
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