Chinese city tightens property rules in sign authorities getting tough
BEIJING (REUTERS) - A Chinese city has toughened rules on house buying as it wrestles with one of the country's highest rates of house price inflation, in a sign that authorities may be injecting more urgency into a troubled campaign to cool home prices.
Zhengzhou, the capital of central Henan province, will bar people without residency permits who have lived in the city for less than three years from buying second homes, and prohibit residents under 20 from buying any property, the city's Housing Bureau said in a statement on its Sina Weibo microblog.
China's central government has pushed to rein in house prices over the past four years, mindful of a possible asset bubble and discontent among ordinary Chinese priced out of the market.
But the campaign has run into resistance from many regional cities, which rely on land sales to boost revenue.