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Beijing's tighter home moves
By Cao Qian |
February 17, 2011, Thursday
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Print Edition
Print Edition
BEIJING yesterday announced more stringent curbs on home purchases by non-local residents as it continues to rein in speculation and combat soaring housing prices.
Non-locals who cannot provide tax or social insurance certificates to prove they have lived in the city for five successive years won't be allowed to buy homes in Beijing. The new rule is effective immediately, according to an official document released yesterday by the municipal government.
Beijing families who have one home only and non-local households who do not own a home now but are capable of proving their residence for five consecutive years in the city will be allowed to buy one more property, according to the document. But local families who already have two houses and non-locals who have one will be banned from buying any more.
"The latest home-purchase ban on non-local families in Beijing is definitely the toughest of its kind ever introduced in the country," said Sky Xue, an analyst with China Real Estate Information Corporation. "That might have some short-term impact on the housing price as demand will certainly be curbed somewhat but in the medium-to-long term, high inflation arising from an overheated economy will continue to boost home prices."
Shanghai's measure seems more lenient than Beijing's as the city announced earlier on February 1 that non-local families who cannot provide tax or social insurance certificates to prove their stay for an accumulated 12 months over the past two years will be banned from buying homes.
"The five-year threshold will probably impact greatly the city's housing market, particularly prices," Pan Shiyi, chairman of Beijing-based real estate developer SOHO China, said yesterday on his microblog.
China launched its latest round of tightening policies at the end of January when it raised the minimum down payment for second homes to 60 percent from 50 percent and also implemented a trial property tax in Shanghai and Chongqing.
The National Bureau of Statistics will release January's property data tomorrow.
Non-locals who cannot provide tax or social insurance certificates to prove they have lived in the city for five successive years won't be allowed to buy homes in Beijing. The new rule is effective immediately, according to an official document released yesterday by the municipal government.
Beijing families who have one home only and non-local households who do not own a home now but are capable of proving their residence for five consecutive years in the city will be allowed to buy one more property, according to the document. But local families who already have two houses and non-locals who have one will be banned from buying any more.
"The latest home-purchase ban on non-local families in Beijing is definitely the toughest of its kind ever introduced in the country," said Sky Xue, an analyst with China Real Estate Information Corporation. "That might have some short-term impact on the housing price as demand will certainly be curbed somewhat but in the medium-to-long term, high inflation arising from an overheated economy will continue to boost home prices."
Shanghai's measure seems more lenient than Beijing's as the city announced earlier on February 1 that non-local families who cannot provide tax or social insurance certificates to prove their stay for an accumulated 12 months over the past two years will be banned from buying homes.
"The five-year threshold will probably impact greatly the city's housing market, particularly prices," Pan Shiyi, chairman of Beijing-based real estate developer SOHO China, said yesterday on his microblog.
China launched its latest round of tightening policies at the end of January when it raised the minimum down payment for second homes to 60 percent from 50 percent and also implemented a trial property tax in Shanghai and Chongqing.
The National Bureau of Statistics will release January's property data tomorrow.
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