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China launched a series of steps May
29 to curb the soaring property market.
With property prices up by an average
of 5.5% in large and medium-sized cities,
the government will now require buyers
of larger flats to make higher minimum
down payments – 30%, up from 20%
– and impose taxes on second-hand
apartments sold within five years of
purchase, up from two years. Both rules
take effect this week and follow general
guidelines issued May 17. This is the
second time Beijing has moved to slow
down the property market in less than
a year. The new rules also require developers
to build more small units and to start
building on new land as soon as possible. |
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