Property News · June 27, 2018

China’s ‘Silicon Valley’ closes home-buying loophole as sentiment borders on mania


Authorities in Hangzhou moved to prohibit corporate buying of housing, closing what some believe was a loophole that gave an unfair advantage to some purchasers under the lottery system, the latest measures to calm the city’s blistering residential market.
In statement published online Tuesday, the Hangzhou Housing Security and Management Bureau said it had suspended all purchases of new and pre-owned residential property by corporate and institutional buyers.
The administrative measure…

Source : South China Morning Post
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