Pursuits
Shanghai Tightens Non-Local Homebuyer Rules as Prices Surge
- Official says couples chasing profit are getting fake divorces
- Shanghai home prices rose 21% in February from a year earlier
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Shanghai unveiled a package of measures designed to stem a surge in property prices in the metropolis, underscoring how regulators in top-tier cities are shifting gears in an economy where housing has been a brake on growth in recent years.
The local government will tighten approval criteria for non-resident homebuyers, raise down-payment requirements for some second homes and ban unregulated lending, Gu Jinshan, chief of the city housing management commission, said at a press conference Friday.