Beijing to take more steps to cool residential property market: local media

Stoked by speculators, home prices in the capital are already too high, and rising social tensions pose enormous challenges to Beijing's stability

By: Reuters | Beijing | Published: December 25, 2016 6:32:12 pm
China, China economy, China growth, China low growth, China news, business news, world market, latest news, Indian express Vehicles drive past high rise buildings in the Central Business District of Beijing. (Sourcee: Chinatopix Via AP, file)

Beijing, one of China’s hottest residential real estate markets, will step up property controls to keep home prices stable next year, the official Xinhua news agency reported on Sunday.

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Stoked by speculators, home prices in the capital are already too high, and rising social tensions pose enormous challenges to Beijing’s stability, Xinhua reported, citing the Beijing Municipal Committee.

Average new home prices in Beijing rose 26.4 percent in November from a year earlier, slowing for the second month following cooling measures taken by the government. On Sept. 30, Beijing announced a requirement for higher downpayments on property purchases.

More than a dozen Chinese cities including Tianjin, Shanghai, Guangzhou and Shenzhen have taken measures to curb property speculation, partly fuelled by easy credit. China will impose strict limits on credit flowing into speculative buying in the property market in 2017, top officials said at an annual economic conference earlier this month.

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