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March 30, 2017

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Home » Business » Real Estate

More cities curb house purchases

AUTHORITIES in eastern cities of Hangzhou, Xiamen and Fuzhou have rolled out more measures to restrict housing purchases and cool their property markets.

Hangzhou announced that starting yesterday, single adults — including those divorced — who have a local hukou and own at least one house will not be permitted to buy new apartments in the city’s urban area.

The property that business enterprises have purchased will not be tradable within the first three years.

In addition, people who hold a hukou — permanent residence permit — registered in the restriction areas must show evidence of living there for more than two years to buy property.

The minimum down payment for second homes will be raised to 60 percent. Those who have no home in Hangzhou but have a housing-loan record will be classed as second-home buyers.

Purchase restrictions have also been introduced in Xiamen and Fuzhou.

Xiamen announced that starting Wednesday, those who don’t have a local hukou and cannot provide evidence of paying 36 months worth of income tax and social security payments in the last four years will not be able to buy property whose floor size is 180 square meters or smaller.

Fuzhou also raised the mini­mum down payment ratio to 50 percent for second homes.

This month, dozens of second-tier cities and cities neighboring Beijing and Shanghai have moved to limit home purchases to cool property markets.

In the first two months of 2017, investment in China’s real estate market increased 8.9 percent year on year to more than 985 billion yuan (US$143 billion), and housing sales jumped 26 percent from the same period of 2016 to over 1 trillion yuan.


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