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China's property market sees increased regulations

Last Updated: Friday, December 06, 2019 - 10:26

China's property market saw more regulations in the first 10 months of the year, data from a real estate agency showed.

A total of 482 housing regulatory measures were rolled out during the January-October period, up 20 percent year on year, data from Centaline Property said.

In October alone, 67 housing regulatory policies were introduced, focusing on preferential treatment for skilled workers, housing provident funds and rental housing.

Several local governments have lowered the bar for house purchasing for skilled workers. In south China's Sanya city, people with a college degree or above are qualified to buy homes if they work in the city for one year and pay taxes and make social security contributions.
To regulate the rental housing market, cities such as Tianjin and Harbin have launched campaigns to crack down on illegal practices of rental agencies.

"Transactions in the market slowed down as potential property buyers adopted a wait-and-see strategy," said Zhang Dawei, chief analyst with Centaline Property, estimating that there will be more follow-up measures as the government sticks to the principle of keeping the property market stable.

The Chinese government has pledged to adhere to the principle of "housing is for living in, not for speculation" and facilitate the development of a long-term management mechanism for the real estate market.

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