LINE

    Text:AAAPrint
    Economy

    Shanghai, Shenzhen raise purchase thresholds to cool home prices

    1
    2016-03-27 12:43Xinhua Editor: Gu Liping

    Two major Chinese cities of Shanghai and Shenzhen on Friday issued a slew of policies to tame their property markets, including raising down payment requirements for second home buyers.

    Under the new rules in Shanghai, which came into effect on Friday, those who already own a house must make at least a 50-percent down payment, instead of the previously required 40 percent, when applying for home loans. The minimum down payment rises to 70 percent if the home's size and price surpass the criteria for an ordinary house.

    Non-local buyers must also prove they have paid income tax and social security premiums in the city for five consecutive years, up from two years under the previous requirement.

    The city will ban developers and housing agencies from offering certain loan services to buyers. It also vowed a tougher clamp-down on house speculation and price-gouging.

    The regulations are meant to curb surging prices in the city's property market resulting from "irrational emotions," speculation and illegal practices by some companies and agencies, said Gu Jinshan, a director with the city's housing and urban-rural development commission.

    In Shenzhen, the municipal government issued similar policies late Friday night.

    In a statement, it said those who buy the first home but have borrowed home mortgages over the past two years or already owns one home but have paid off mortgages must make at least a 40-percent down payment, instead of the previously required 30 percent, when applying for home loans.

    Non-local buyers must have paid income tax and social security premiums for three consecutive years, up from one year under the previous requirement, it they wish to buy a house.

    Shenzhen authorities also ordered to beef up measures to guard against financial risks in the property sector.

    The government said it banned financial institutions including Internet finance companies and small-sum lending firms from offering margin lending to home buyers.

    It also called to strengthen supervision and crack down on various violations.

    Meanwhile, the Shenzhen government said it will increase land supply and build more government-funded houses to balance the market demand and supply.

    It added that in the five years to 2020, it planned to build 400,000 government-funded houses.

    In February, new home prices in Shanghai jumped about 20 percent year-on-year, while in Shenzhen, prices soared 72 percent, showing signs of overheating in the top-tier cities.

      

    Related news

    MorePhoto

    Most popular in 24h

    MoreTop news

    MoreVideo

    News
    Politics
    Business
    Society
    Culture
    Military
    Sci-tech
    Entertainment
    Sports
    Odd
    Features
    Biz
    Economy
    Travel
    Travel News
    Travel Types
    Events
    Food
    Hotel
    Bar & Club
    Architecture
    Gallery
    Photo
    CNS Photo
    Video
    Video
    Learning Chinese
    Learn About China
    Social Chinese
    Business Chinese
    Buzz Words
    Bilingual
    Resources
    ECNS Wire
    Special Coverage
    Infographics
    Voices
    LINE
    Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
    Copyright ©1999-2018 Chinanews.com. All rights reserved.
    Reproduction in whole or in part without permission is prohibited.
    主站蜘蛛池模板: 灵山县| 阳西县| 三门峡市| 玛曲县| 威远县| 绩溪县| 松江区| 衡阳市| 新乐市| 祁东县| 红河县| 裕民县| 宿松县| 岑巩县| 大厂| 东丰县| 罗甸县| 城固县| 城口县| 大荔县| 昔阳县| 福安市| 鄱阳县| 英德市| 阳东县| 崇义县| 新竹市| 江达县| 长垣县| 肇东市| 迁西县| 巴塘县| 三门峡市| 富阳市| 湖南省| 西乌珠穆沁旗| 连南| 苍南县| 大渡口区| 高邮市| 眉山市|