THE Beijing authorities are expected to announce a ban on purchases of third homes, Xinhua News Agency reported Tuesday, in line with Central Government efforts to cool the property market.
The new rule, expected to take effect late this week, would prohibit residents of Beijing who already own two or more homes from buying more, according to the report.
There is currently no limit on the number of homes Beijing residents may own.
The move comes after Shanghai and Chongqing introduced the country s first property tax for home buyers in late January, underlining the Central Government s determination to tame property inflation, a source of social unrest. The report said the new regulation was likely to damp demand from an estimated 800,000 families in Beijing, or 18 percent of the total in the capital at the end of 2010.
Residents who are unable to provide tax and social security certificates in Beijing would also be barred from buying more homes, according to the report.
The Central Government has launched a slew of tightening measures since 2009 in a bid to control sky-high property prices, including higher down payments, mortgage rates and home purchase limits.
(SD-Agencies)
