China to Curb Property Speculation, Add Low-Cost Homes
This article is for subscribers only.
China’s Premier Wen Jiabao pledged to curb property speculation and add more affordable housing after home prices rose last month as buyers defied government measures.
China’s January home prices posted their biggest month-on-month gain in six months, according to SouFun Holdings Ltd. The government last week raised second-home down payments, told local governments to set price targets on new properties and introduced taxes for residential properties in Shanghai and Chongqing. The curbs followed two interest rate increases in the past four months and a ban on third mortgages.