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City Bans Resale of New Homes Until At Least 2023
Published on: 2020-01-14
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030A city in China’s east has moved to combat property speculation by banning new home owners from reselling their houses for at least three-and-a-half years.

Tangshan, a prefecture-level city east of Beijing, implemented a 42-month resale restriction on Jan. 4 that applies to all newly built homes purchased after that date.

It’s the latest local government effort to rein in property speculation after Beijing gave localities more power to fine-tune their own housing policies, and it comes even as a nationwide economic slowdown sees smaller cities stimulate their property markets to arrest flagging growth.

031Tangshan, a city best known for being the site of a devastating earthquake in 1976, has scrambled to keep a lid on prices after its housing market saw relatively quick growth in the second half of 2019. In November, property prices increased 1.9% month-on-month, the fastest out of 70 key cities monitored by China’s National Bureau of Statistics.

Since 2017, more than 50 cities have introduced resale restrictions on new homes, with Shenzhen introducing a record five-year ban in 2018. But many small cities have seen only tepid trading, which has depressed property developers’ willingness to invest and bled into local economies. Some are now granting subsidies to homebuyers to boost sales.

032Once red hot, China’s real estate market reached a turning point in late 2016 after years of rapid growth, as multiple cities tightened property regulations in response to Beijing’s call to curb speculation and rein in soaring home prices, as well as to prevent a property bubble that could trigger turmoil in the country’s financial sector.

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