China tightens control over property market

27.01.2011 09:28
China on Wednesday announced new measures limiting the price of real estate, including the raising of the initial mortgage payments for buyers of second homes, but no mention of an expected real estate tax.

According to the state radio station, local governments should set benchmarks for monitoring the prices of property in accordance with local income levels and to publish these guidelines in the I quarter. "Local governments should take responsibility for the stable and healthy development of the real estate market", - told the radio station, quoting a summary of government meeting.

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Since late 2009, China has already introduced control measures, including raising down payments and mortgage rates to cool the property market. Banks will require second-home buyers down payment in an amount not less than 60% instead of 50%, as it was before.

Inflation in the Chinese real estate market in December slowed to 6.4% from November's 7.7%. However, the overall trend remains upward: a monthly basis prices rose by 0,3%.
Content tags: Overseas property
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