China Orders More Cities to Restrict Housing Purchases
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China told local authorities to “decisively” curb real estate speculation and take steps to rein in the property market after prices rose the most in two years last month. Share of developers declined.
Cities that have had “excessively fast” price gains should “promptly” impose home-purchase restrictions if they’ve not done so already, according to a statement yesterday after a State Council meeting headed by Premier Wen Jiabao. Provincial capitals and municipalities reporting directly to the central government should publish annual price control targets to keep new-home costs “basically stable,” according to the statement.