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7 months ago
Beijing to take more steps to cool residential property market: Xinhua
December 25, 2016 / 11:03 AM / 7 months ago

Beijing to take more steps to cool residential property market: Xinhua

2 Min Read

The sun sets above residential buildings on a hazy day in Beijing, September 20, 2014.Barry Huang/File Photo

BEIJING (Reuters) - Beijing, one of China's hottest residential real estate markets, will step up property controls to keep home prices stable next year, the official Xinhua news agency reported on Sunday.

Stoked by speculators, home prices in the capital are already too high, and rising social tensions pose enormous challenges to Beijing's stability, Xinhua reported, citing the Beijing Municipal Committee.

Average new home prices in Beijing rose 26.4 percent in November from a year earlier, slowing for the second month following cooling measures taken by the government.

On Sept. 30, Beijing announced a requirement for higher downpayments on property purchases.

More than a dozen Chinese cities including Tianjin, Shanghai, Guangzhou and Shenzhen have taken measures to curb property speculation, partly fueled by easy credit.

China will impose strict limits on credit flowing into speculative buying in the property market in 2017, top officials said at an annual economic conference earlier this month.

Reporting by Ryan Woo; Editing by Hugh Lawson

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