Fri, April 30, 2010
Business > Economy

Beijing unveils limits to control housing market

2010-04-30 09:49:14 GMT2010-04-30 17:49:14 (Beijing Time)  SINA.com

Newly-built apartment buildings in Beijing. The city has issued rules limiting families to one new apartment purchase as authorities try to rein in rampant property speculation and soaring prices. (AFP/File/Liu Jin)

The city of Beijing has issued rules limiting families to one new apartment purchase as authorities try to rein in rampant property speculation and soaring prices, state media reported on Friday.

"For the time being one family can buy only one new home in the city," China News Service said.

The capital's government also ordered banks to refuse home loans to people who cannot prove they have paid taxes and made social security contributions in Beijing for at least one year, the report said.

The order marked the latest in a series of measures by Chinese authorities as they seek to reduce the risk of the red-hot market overheating and derailing the booming economy.

(Agencies)

Add Your Comments:

Your Name:
Your Country:
Comment:
(English Only)
 
Please read our Terms of Service. Messages that harass, abuse or threaten others; have obscene or otherwise objectionable content; have spam, commercial or advertising content or links may be removed.

SPECIAL COVERAGE

MOST VIEWED

LATEST VIDEO

PICTURE GALLERY