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Beijing to extend home purchasing limits

By  Jin Jianyu (Global Times)

10:23, December 18, 2011

Beijing will extend home purchase-limit policies next year. The policies have effectively helped rein in property prices, said a Beijing government spokesman.

Qin Haixiang, spokesman for the Beijing Municipal Commission of Housing and Urban-Rural Development, said at a media conference that home purchase limits will remain next year to further cool the property market.

Families of Beijing residents who own two houses or more, families of non residents who own more than one house and those who have not paid taxes to the municipality for five consecutive years are not allowed to buy more properties in the city temporarily, according to the regulation released in February.

Qin said Beijing has already attained pre-set targets for stabilizing housing prices.

The average price for a new home declined 6.3 percent from the last year while that of a new commercial building fell 6.9 percentage points from January to October this year, according to data from the commission.

“Purchasing limits and government-funded housing projects played a major role in property price and demand drops,” Li Jingguo, a real estate researcher at the Chinese Academy of Social Sciences, told the Global Times Friday.

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