China to check property speculation

China orders local authorities to take steps to control property buying. (SUPPLIED)

China's cabinet yesterday laid out further detailed measures for keeping the property sector in check, empowering and ordering local governments to take steps to control speculative buying. Provincial and municipal governments in areas experiencing rapidly rising property prices may temporarily restrict the number of properties people may buy, in accordance with the situation in their jurisdictions. It also made clear to banks that they would be expected not just to raise rates and down payment requirements, but to refuse credit to people who are buying homes for speculative purposes.

 

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