http://www.nytimes.com/2013/04/01/world/asia/2-china-cities-move-to-cool-overheated-housing-market.html?_r=0
Many economists claim that China's current growth is unsustainable. It seems that some Chinese politicians are paying attention. Both Shanghai and Beijing have undertaken new measures to prevent potential housing bubbles. These restrictions include legislating that unmarried individuals can buy only one residence, increasing the minimum downpayment on property purchases, and a new capital gains tax on owners selling a residence. Future policies include bank reform regarding loans, mortgages, and credit. Part of the government's concerns consist of not only economic downturn but also social instability between the rich and poor. With soaring property prices all over the country, these policies appear sensible.
Many economists claim that China's current growth is unsustainable. It seems that some Chinese politicians are paying attention. Both Shanghai and Beijing have undertaken new measures to prevent potential housing bubbles. These restrictions include legislating that unmarried individuals can buy only one residence, increasing the minimum downpayment on property purchases, and a new capital gains tax on owners selling a residence. Future policies include bank reform regarding loans, mortgages, and credit. Part of the government's concerns consist of not only economic downturn but also social instability between the rich and poor. With soaring property prices all over the country, these policies appear sensible.
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