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New curbs coming after price rebound


10-11-2016 01:37 BJT

The property price resurgence in China’s top cities has triggered debates about whether the market is a bubble or in an economic turnaround.

10 of China's 70 major cities had seen annual price gains of more than 20 per cent for new housing. In mega cities such as Shanghai and Shenzhen, those gains were even higher: Above 37 per cent.

In the second-tier cities of Xiamen and Hefei, the increases topped 40 per cent. That is why 20 Chinese cities—including Shanghai, Beijing and Zhengzhou in central China—are imposing fresh purchase curbs.

When prices were going through the roof, buyers pulled all the stops to get around the existing curbs. Some even fake divorces so that they can get around the restriction that a family can only hold one home.

And there have been other crazy moves like agents taking 200 kilometre taxi rides to take deposits -- hours before curbs come into effect.

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