China toughens policies to cool housing market
China has introduced new measures to rein in its property market. They include raising the down payment for home purchases and tighter loan restrictions.
Under the latest rules issued by the central bank and top banking regulator, all first-home buyers will have to pay a minimum 30 percent deposit, instead of the previous 20 percent. The requirement for second property purchases has also been raised, from 40 to 50 percent. Mortgage rates must not be lower than 1.1 times of the benchmark interest rate.
The fresh measures also prohibit banks from providing mortgages to buyers seeking a third property. Non-local residents who cannot prove at least one year s tax or social security payment aren t eligible for mortgage lending.
The new rules require commercial banks to stop lending to property developers who leave land idle, or delay selling properties for higher profits.
Developers are encouraged to build smaller apartments and low-income housing communities with loan support.
And the introduction of a trial property tax will be implemented nationwide, step by step.
Analysts say this intensive spate of policies reflects the government s determination, when it comes to curbing property prices.
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