Three major Chinese cities to enforce new property cooling measures
BEIJING (REUTERS) - Beijing, Shanghai and Chongqing will implement strict property cooling measures as part of a central government crackdown on the overheated property market, state news agency Xinhua has said.
The move comes as the central government faces renewed pressure to stabilise skyrocketing home prices in several major cities.
Under the new measures, single Beijing residents will be prohibited from buying second homes, Xinhua said on Saturday.
The central government said earlier this month that in areas where property prices are rising too quickly, local governments must strictly enforce a 20 per cent capital gains tax and higher down payments for second-home buyers.