September 24, 2017 / 3:32 AM / a year ago

More Chinese cities impose property control measures

BEIJING, Sept 24 (Reuters) - A number of second-tier cities in China have rolled out property speculation curbs in an effort to cool home property sales, according to the official Xinhua News Agency and documents published by some municipal governments.

The city of Shijiazhuang, southwest of Beijing, has banned investors from selling newly bought homes for up to five years, while Changsha in Hunan province banned homeowners from buying a second property for up to three years from the time of their first home purchase, Xinhua said.

Changsha has also limited property sales to non local residents to one unit per person.

The city of Chongqing, as well as Nancang in the southern province of Jiangxi, meanwhile, banned transactions of new and second-hand homes for two years after purchase, according to document published on the municipal governments’ official websites.

The various measures took effect last week.

Additionally, Xian in Shaanxi province has asked real estate developers from Monday to report home prices to local price-monitoring departments before sale and reiterated its pledge to crack down on property price manipulation and speculation.

The latest property clampdowns follow moves in June by two Chinese cities, Xian in Shaanxi and Zhenzhou in Henan province, to cool their property markets.

Average new home prices in China’s 70 major cities rose 0.2 percent in August from a month ago, data from the statistics bureau showed. (Reporting by Meng Meng and Norihiko Shirouzu; Editing by Sam Holmes)

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