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Shanghai tightens supervision of the local housing market
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SHANGHAI yesterday announced six measures to tighten supervision over the city’s housing market, aiming to curb too fast price rises of properties.
The measures included more supply of land for commercial development of real estate, especially for affordable housing catered to young professionals. The city will also strengthen supervision over developers’ source of funds, further regulate the pre-sales of properties, impose more serious punishment for wrongdoers, oversight the loan market and carry out more policy analysis and interpretation for home buyers.
Shanghai’s move followed a slew of cities, such as Hangzhou, Guangzhou and Nanjing, that tightened policies to ensure stable prices increases of the local housing market.
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