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State Council releases strong measures to curb housing price
By Zhang Fengming |
January 26, 2011, Wednesday
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Online Edition
Online Edition
CHINA today released more drastic measures to rein in housing price, including higher down payment on second homes. The State Council decided in a meeting today that buyers who are purchasing their second properties must pay a down payment of at least 60 percent value of the deal, up from the current 50 percent requirement.
They also have to pay a 10 percent premium on benchmark interest rate, China's cabinet said.
Besides from the measures, cities include Shanghai are planning property tax to regulate the market. Banks already halted lending to third homes nationwide.
They also have to pay a 10 percent premium on benchmark interest rate, China's cabinet said.
Besides from the measures, cities include Shanghai are planning property tax to regulate the market. Banks already halted lending to third homes nationwide.
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