Chinese cities put new curbs on home-buying

Chinese cities put new curbs on home-buying
08/10/2016 , by , in INTERNATIONAL

Two cities in China’s southern Guangdong province and the southeast city of Fuzhou imposed new home buying restrictions to prevent a property bubble.

The tightening measures imposed in Zhuhai, Dongguan and Fuzhou included raising down payment requirements and restricting owners of two properties from buying more.

In the previous six days, 14 Chinese cities have imposed similar administrative restrictions to curb property speculation.

The three cities raised down payment requirement for second-home buyers to 40 percent from 30 percent, while Fuzhou raised the requirement even for first-time buyers if they are not local residents.

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