Pursuits
Shanghai Adopts Measures to Curb Rocketing Property Prices
- Crackdown follows similar moves in other Chinese cities
- Shanghai property prices rose 5.1% in September from month ago
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Shanghai, China’s financial hub, is putting in place new measures to curb a surge in property prices as part of the country’s latest push to ensure stable and healthy real estate development.
The new steps announced by the city’s housing commission include increasing land supply and forbidding price increases in new home pre-sales without approval. In addition, punishment will be increased for spreading rumors about the property market and violating laws, according to a statement posted on the commission’s website.