SHANGHAI, March 27 China's regulators have
introduced rules to curb the purchase of new commercial property
in Beijing by individuals in the latest step by authorities to
cool the market.
New commercial plots can now only be sold to enterprises,
public entities and social organizations, said a statement
issued by Beijing's banking, industry and commerce, housing and
urban planning authorities.
The statement posted on the Beijing Municipal Commission of
Housing and Urban Rural Development website on Sunday said that
personal loans for buying commercial property have also been
China has been trying to suppress home prices over the past
year or so, imposing measures such as higher mortgage
downpayments to defuse bubbles as the nation's ballooning debt
raised the risk of a property market crash.
Data showed China's property sales surged in the first two
months of the year despite the repeated attempts to dampen it.
Only second-hand commercial property can be sold to
individuals, who have to prove income tax payments for five
consecutive years and hold no property, the regulators said in
The smallest unit available should be a minimum of 500
square meters and real estate agencies that falsely advertise
commercial plots as housing will be punished.
The Beijing News reported on Sunday that 28 real estate
agencies were shuttered for driving up prices, among other
(Reporting by Engen Tham and Wang Jing; Editing by Shri