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Foshan backtracks on property loosening policy
By Wang Qingchu |
October 12, 2011, Wednesday
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Online Edition
Online Edition
Foshan City in Guangdong Province last night urgently withdrew its policy allowing residents to buy a second home – only hours after it became the first city to relax policies designed to rein in property prices.
Yesterday morning the southern China city's Housing and Construction Bureau lifted restrictions barring citizens from acquiring a second home. Accordingly local families were allowed to buy one more home priced at less than 7,500 yuan (US$1,176) per square meter from today.
But by 11:23pm the bureau suspended the loosening policies pending further evaluation, according to an online statement.
Zhang Dawei, a researcher with Beijing Centaline Property Consultants, told Beijing Times that if Foshan lifted the restriction on second homes, it might shake other cities' determination to strictly implement central government policies, although it wouldn't affect the country's overall rigorous real estate tightening measures.
More than 40 cities nationwide limited the number of homes each family can buy this year in order to rein in property prices.
Yesterday morning the southern China city's Housing and Construction Bureau lifted restrictions barring citizens from acquiring a second home. Accordingly local families were allowed to buy one more home priced at less than 7,500 yuan (US$1,176) per square meter from today.
But by 11:23pm the bureau suspended the loosening policies pending further evaluation, according to an online statement.
Zhang Dawei, a researcher with Beijing Centaline Property Consultants, told Beijing Times that if Foshan lifted the restriction on second homes, it might shake other cities' determination to strictly implement central government policies, although it wouldn't affect the country's overall rigorous real estate tightening measures.
More than 40 cities nationwide limited the number of homes each family can buy this year in order to rein in property prices.
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