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China's Foshan city tightens rules on housing purchases
June 1, 2017 / 1:34 AM / 7 months ago

China's Foshan city tightens rules on housing purchases

SHANGHAI (Reuters) - China’s southeastern city of Foshan has cracked down on real estate purchases, the city’s housing bureau said on Wednesday, making it the latest to adopt the government’s flurry of cooling measures.

Locals and non-residents will now face limits on property purchases in certain areas in order to “maintain the stable and healthy development of the city’s real estate market”, the Foshan Bureau of Housing and Urban-Rural Development said in a statement.

Recently, many cities in China have put limits on purchases as Beijing ramped up measures to rein in house prices, which had surged over the last year.

The government has often blamed unscrupulous behavior by developers and property agents for stoking higher prices.

Reporting by Adam Jourdan; Editing by Sherry Jacob-Phillips

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