China’s eastern city of Nanjing said on Sunday it would restrict home purchases, according to a statement posted on the Nanjing government’s website, as the government tries to cool sharply rising home prices in China’s second- and third-tier cities. Families not registered as residents and who own one or more houses in certain districts will not be allowed to purchase another home, either new or pre-owned, according to the statement.
Nanjing residents who already own two or more houses in certain districts will not be allowed to purchase new homes, the statement said. Nanjing is the newest second-tier city to introduce measures to restrict home purchases in response to surging home prices. Hefei, Suzhou, Xiamen and Hangzhou have introduced similar measures.
The average new home price in 70 major cities climbed an annual 9.2 percent in August, up from 7.9 percent in July, according to data from China’s National Bureau of Statistics.