{"id":28233,"date":"2016-10-02T19:48:38","date_gmt":"2016-10-02T12:48:38","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/chinese-property-surge-leads-some-cities-to-ban-multiple-home-ownership\/"},"modified":"2016-10-02T20:12:48","modified_gmt":"2016-10-02T13:12:48","slug":"chinese-property-surge-leads-some-cities-to-ban-multiple-home-ownership","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/chinese-property-surge-leads-some-cities-to-ban-multiple-home-ownership\/","title":{"rendered":"Chinese property surge leads some cities to ban multiple home ownership"},"content":{"rendered":"


\nLocal governments in six Chinese cities tightened rules for home purchases over the past three days in a bid to damp resurgent demand and rein in excessive speculation.Authorities in the six metropolitan areas introduced measures ranging from raising down-payment requirements for both first and second homes to ruling some potential buyers ineligible.Sichuan’s provincial capital Chengdu and Henan’s provincial capital Zhengzhou on Sunday banned people from buying a third property in some areas. Wuxi, a southern manufacturing base close to Shanghai, raised down-payment requirements for second homes to a minimum of 40 per cent of the property’s value from 30 per cent previously.The eastern city of Jinan said on Sunday that residents who already owned three properties could not buy more and increased down payment requirements for those buying their first home to 30 per cent from 20 per cent, among other measures detailed in a document on the government’s website.Pictures of hopeful homebuyers queuing up in Jinan to obtain spots in a lottery-like registry system during the public holiday weekend were widely published in state media before the new restrictions were published.Such cities have become the target of property speculators looking for the next big thing beyond China’s major cities. Other cities such as Tianjin, Hefei and Suzhou have also recently introduced measures to limit purchases as home prices jump.Home prices in at least one district in Zhengzhou, which became a symbol of China’s property excesses because of rows of empty housing developments, have risen two-thirds this year to 25,000 yuan (Dh13,764) per square metre on average, a sales manager told Reuters on a recent visit to the city.The capital city Beijing on Friday increased down payments for first-time purchasers to a minimum of 35 per cent of the selling price, the highest level among Chinese biggest cities. Adjacent Tianjin banned non-locals from buying second properties, while southern Suzhou said it would warn developers if prices were “notably” higher than costs plus a reasonable profit.Home prices in the world’s most populous nation rose the most in six years in August, defying new policies to curb excessive speculation in big cities and government warnings about asset bubbles. While gains have been most pronounced in big cities such as Shenzhen, where home prices are up about 60 per cent in the past year, smaller centres such as Xiamen have also seen runaway growth, with prices soaring more than 38 per cent.”There will not be a holistic plan to address the property market,” said Iris Pang, a senior economist for Greater China at Natixis in Hong Kong. “Local governments are the ones who will work out their own measures.”Investment in the property sector may retreat in the first half of next year as the new curbs take effect, said Wen Bin, a Beijing-based researcher at China Minsheng Banking.business@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Chinese property surge leads some cities to ban multiple home ownership<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Local governments in six Chinese cities tightened rules for home purchases over the past three...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-28233","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-7ln","jetpack-related-posts":[{"id":28225,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/chinese-cities-fight-property-speculation-with-home-purchase-reforms\/","url_meta":{"origin":28233,"position":0},"title":"Chinese cities fight property speculation with home purchase reforms","date":"October 2, 2016","format":false,"excerpt":"\r Local governments in six Chinese cities tightened rules for home purchases over the past three days in a bid to damp resurgent demand and rein in excessive speculation.Authorities in the six metropolitan areas introduced measures ranging from raising down-payment requirements for both first and second homes to ruling some\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":57734,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/haikou-home-sales-fall-on-buying-curbs-to-stem-investments-from-northern-chinese\/","url_meta":{"origin":28233,"position":1},"title":"Haikou home sales fall on buying curbs to stem investments from northern Chinese","date":"June 13, 2017","format":false,"excerpt":"\r The Hainan government has imposed restrictions on home purchases in the province as droves of northern Chinese flock to buy homes in the island to escape the toxic smog in the winter. Home prices in Haikou, the provincial capital of Hainan, have jumped over 50 per cent for many\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":57028,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/land-prices-soar-800-per-cent-in-chinese-backwater-where-xi-jinping-started-his-political-career\/","url_meta":{"origin":28233,"position":2},"title":"Land prices soar 800 per cent in Chinese backwater where Xi Jinping started his political career","date":"June 6, 2017","format":false,"excerpt":"\r As many as 25 Chinese property developers, including big-name players such as Vanke, China Poly, Evergrande and Country Garden engaged in fierce bidding for six plots in the town in which Chinese President Xi Jinping had worked in the 1980s \u2013 a bit of history that has helped drive\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":124673,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/chinas-housing-market-gets-lifelines-as-cities-lenders-ease-down-payment-and-financing-to-arrest-slump\/","url_meta":{"origin":28233,"position":3},"title":"China\u2019s housing market gets lifelines as cities, lenders ease down payment and financing to arrest slump","date":"February 23, 2022","format":false,"excerpt":"\r More mainland Chinese cities are taking steps to shore up the property market as local governments and lenders eased the requirements on down payments and mortgage financing to arrest the worst slump in home sales in a decade.In Heze, a city in northern Shandong province, four major banks have\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":111451,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/golden-week-property-sales-plunge-in-major-chinese-cities-amid-slowing-economy-tight-mortgage-conditions\/","url_meta":{"origin":28233,"position":4},"title":"\u2018Golden week\u2019 property sales plunge in major Chinese cities amid slowing economy, tight mortgage conditions","date":"October 8, 2019","format":false,"excerpt":"\r Property sales in China\u2019s major cities saw one of their worst \u201cgolden week\u201d holidays in years, as buyers held back amid a slowing economy and tight restrictions on mortgage loans.Sales of new homes in Beijing dropped to their lowest level since 2014 during the week following the National Day\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":126889,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/china-mortgage-rate-cut-lower-down-payment-requirements-could-save-homebuyers-10-per-cent-in-monthly-instalments-revive-home-sales\/","url_meta":{"origin":28233,"position":5},"title":"China mortgage rate cut, lower down payment requirements could save homebuyers 10 per cent in monthly instalments, revive home sales","date":"May 31, 2022","format":false,"excerpt":"\r A cut in mortgage rates announced on Friday last week, coupled with lower down payment requirements for first-time buyers, could revive Chinese home sales, analysts said.\r \r Source : South China Morning Post\r Read more...China mortgage rate cut, lower down payment requirements could save homebuyers 10 per cent in\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/28233"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=28233"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/28233\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=28233"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=28233"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=28233"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}