Twenty-one cities rein in property market

Shanghai

Date of policy release: Oct 8, 2016

Highlights of the policies:

The city will increase land supply for commercial housing construction. A work team composed of staff from government departments will be formed to regulate the funding sources for land purchases.

The city will also enhance supervision over the purchase of homes that have previously been owned but never used. Stricter supervision over new home prices will also be implemented.

Additionally, authoritative property market information will be released on a regular basis to stabilize market expectations.

According to previous policies issued on March 25, the down payment for second home purchase should be no less than 50 percent. Non-local residents should provide proof of at least five years' personal income tax and social security insurance payment in the city for the purchase of a first house.

A woman takes photos of high buildings at the Bund in Shanghai, Aug 1, 2016. [Photo/IC]