Chinese cities tighten property sale rules

Bloomberg

Several large Chinese cities including Shijiazhuang, Chongqing, Nanchang, Nanning and Guiyang are imposing restrictions on home resales as part of the nation’s campaign to cool its heated property sector. Chongqing will ban sales of new and existing residential properties in downtown areas within two years of purchase, according to a statement on the city’s housing authority website.
The move seeks to curb speculative investment and boost healthy development of the property market, it said. Shijiazhuang, capital of Beijing’s neighbouring Hebei province, prohibited the resale of homes within five years of buying, the local government said, and Nanchang, capital of Jiangxi province, will cap sale prices and ban resales for two or five years after purchase, depending on the type of property.