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December 23, 2016

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2 cities tighten curbs on home buying

Source: Xinhua | December 23, 2016, Friday | Print Edition

TWO major cities in central China have further tightened housing purchase restrictions in the latest bid to rein in rising house prices.

The city government of Zhengzhou, capital of Henan Province, said on Wednesday night that residents without local hukou (household registration) need to pay at least two years’ income tax or social security contributions before they can buy a house.

Authorities in Wuhan, capital of Hubei Province, extended house purchase limits to parts of three suburban districts.

Residents with Wuhan hukou need to pay a 50 percent down payment when buying a second home and will be banned from buying a third home. Those without local hukou need a two-year record of income tax or social security payments before buying a house, and cannot buy a second property.

Over the past several months, more than a dozen cities in China have rolled out measures to cool a red-hot property market.

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