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Shanghai opts for tighter new home rules
By Cao Qian |
July 27, 2011, Wednesday
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Print Edition
Print Edition
SHANGHAI has adopted tightening policies for new home sales as it continues to deepen its efforts to combat soaring housing prices, the local housing authority said yesterday.
Housing watchdogs in all districts and Chongming County are required to conduct strict inspections on sale plans submitted by real estate developers for registration, and new residential properties where prices are "unreasonably" high may fail to receive government approval for sale, according to a notice posted yesterday on the website of the Shanghai Municipal Housing Support and Building Administration Bureau.
The local government has also required a stricter enforcement of its existing home-purchase ban on buyers without local residency permits.
Families without residence cards will only be eligible to buy homes in the city if they are able to present tax or social insurance certificates to prove that they have resided in the city for a cumulative 12 months over the past two years "prior to their home purchase," according to the latest notice.
"Some property speculators from outside Shanghai who have simply managed to purchase homes in the city by taking advantage of certain policy loopholes will from now be barred from entering the market after the government gives a clearer definition," said Song Huiyong, research director of Shanghai Centaline Property Consultants Ltd.
"That, in particular, will affect the city's high-end residential market more because buyers of expensive properties were usually more likely to be involved in such loopholes."
Housing watchdogs in all districts and Chongming County are required to conduct strict inspections on sale plans submitted by real estate developers for registration, and new residential properties where prices are "unreasonably" high may fail to receive government approval for sale, according to a notice posted yesterday on the website of the Shanghai Municipal Housing Support and Building Administration Bureau.
The local government has also required a stricter enforcement of its existing home-purchase ban on buyers without local residency permits.
Families without residence cards will only be eligible to buy homes in the city if they are able to present tax or social insurance certificates to prove that they have resided in the city for a cumulative 12 months over the past two years "prior to their home purchase," according to the latest notice.
"Some property speculators from outside Shanghai who have simply managed to purchase homes in the city by taking advantage of certain policy loopholes will from now be barred from entering the market after the government gives a clearer definition," said Song Huiyong, research director of Shanghai Centaline Property Consultants Ltd.
"That, in particular, will affect the city's high-end residential market more because buyers of expensive properties were usually more likely to be involved in such loopholes."
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