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Three major Chinese cities to enforce new property cooling measures

Published on Mar 31, 2013 11:50 AM
 
People walk past a new property development designed like a German village in Beijing, on March 22, 2013. China has been testing different measures to rein in it's booming property market. 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. -- FILE PHOTO: AFP

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.

 
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