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China first-tier cities take measures to cool housing market

Date: 2012-11-14

China’s three first-tier cities – Beijing, Shanghai, and Guangzhou – recently took measures to control the housing market.

The Beijing Land Consolidation and Reserve Center called off the transaction of ten land parcels on September 21. The Beijing Municipal Commission of Housing and Urban-rural Development released new rules to tighten approval for home purchase application on September 25. Shanghai recently reiterated home purchase restriction, and Guangzhou decided to temporarily limit the sale of homes with irregular high prices.

According to ZHANG Dawei, Chief Analyst of the market research division of Centaline Property Agency, many land parcels were sold at high prices with high premium rates recently, affecting some regional housing markets and surpassing homebuyers’ expectations.