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City enacts new policies to slow soaring home prices
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SHANGHAI today pressed harder on the brakes, hoping to slow fast-rising real estate prices with a set of new policies.
Most notably, the city joined Shenzhen in raising the minimum down payment to 70 percent from the previous 60 percent for second-home buyers, becoming the second major Chinese city to adopt a further tightened mortgage policy.
The local housing authority also said on its website today that non-local households capable of providing a tax or social insurance certificate to prove their residence in Shanghai for a cumulative 24 months over the past three years will be entitled to buy one property.
The previous rule suggest that they should prove their residence for a cumulative 12 months over the past two years in order to be eligible for the property purchase.
Moreover, the local government also said land supply for residential development should be raised by an additional 30 percent this year with at least 1,000 hectares being released for auction in 2013.
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