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New curbs on home speculation
By Staff reporters |
April 18, 2010, Sunday
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Print Edition
Print Edition
THIRD home buyers and out-of-town housing owners are facing a lock on liquidity as China's central government fired bigger guns yesterday at property speculation.
The State Council said in a notice late yesterday that banks can suspend housing credit to third or more home buyers in places where home prices rise too rapidly and too high and home supply is insufficient.
Banks will also be asked to stop offering loans to people who haven't paid personal income tax or social security funds in the past 12 months in places where they are buying homes.
Local governments can also set a cap on the number of homes a buyer can own as a temporary move to curb speculation.
The statement is aimed at both buyers who own lots of homes and non-local buyers, easily tagged as speculators as they don't live in places where they buy homes.
"Home buyers from other parts of the country have been growing rapidly over the past six months and have already outnumbered local buyers at least at Centaline branches," said Ma Ji, a manager with Shanghai Centaline Property Consultants Ltd, the city's largest real estate chain.
"The latest notice has further reflected government determination to crack down on property speculators from outside a city."
Home prices are far beyond the general public's reach and rising prices don't show signs of easing.
Overheating has led to the central government stepping in with measures such as tighter credit policies and more tax levies.
China's urban property prices rose by 11.7 percent in March, the biggest year-on-year gain since July 2005, said the National Bureau of Statistics.
In Shanghai, average new home prices were 19,767 yuan (US$2,894) per square meter in March while for existing properties it climbed to a record 16,200 yuan per square meter in the same period.
China said on Thursday that second-home buyers who are seeking banking credit must pay at least 50 percent down payment, up from 40 percent.
The State Council said in a notice late yesterday that banks can suspend housing credit to third or more home buyers in places where home prices rise too rapidly and too high and home supply is insufficient.
Banks will also be asked to stop offering loans to people who haven't paid personal income tax or social security funds in the past 12 months in places where they are buying homes.
Local governments can also set a cap on the number of homes a buyer can own as a temporary move to curb speculation.
The statement is aimed at both buyers who own lots of homes and non-local buyers, easily tagged as speculators as they don't live in places where they buy homes.
"Home buyers from other parts of the country have been growing rapidly over the past six months and have already outnumbered local buyers at least at Centaline branches," said Ma Ji, a manager with Shanghai Centaline Property Consultants Ltd, the city's largest real estate chain.
"The latest notice has further reflected government determination to crack down on property speculators from outside a city."
Home prices are far beyond the general public's reach and rising prices don't show signs of easing.
Overheating has led to the central government stepping in with measures such as tighter credit policies and more tax levies.
China's urban property prices rose by 11.7 percent in March, the biggest year-on-year gain since July 2005, said the National Bureau of Statistics.
In Shanghai, average new home prices were 19,767 yuan (US$2,894) per square meter in March while for existing properties it climbed to a record 16,200 yuan per square meter in the same period.
China said on Thursday that second-home buyers who are seeking banking credit must pay at least 50 percent down payment, up from 40 percent.
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