Wuxi municipal government has announced new restrictions on property purchases, designed to dampen speculative buying and curb soaring prices.
The measures in a guideline released on Oct 2 included increasing down payments for second-home buyers from 30 percent to 40 percent, and banning those without a local residency permit from purchasing the second new commercial property in the city.
The government also introduced a series of measures to regulate the local real estate market, such as increasing the supply of residential land and caps on land auction prices.
Property developers will also be ordered to publicize the sale price of every house and will be prohibited from lifting the housing prices within three months.
The move comes after the city's average housing prices saw an increase of 6.76 percent and 6.83 percent in August and September respectively, topping all the cities across Jiangsu province.
Prices in 100 major Chinese cities rose 14.9 percent in the first nine months of 2016, with August and September seeing record month-on-month growth of more than 2 percent, according to the China Index Academy (CIA), a private property research institute.
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The Wuxi government is trying to prevent a housing price bubble to stabilize the local housing market.[Photo provided to chinadaily.com.cn] |
