BEIJING Oct 5 China's eastern city of Nanjing
announced further measures to curb its property market, the city
government said on its website on Wednesday, just 10 days after
it limited the number of homes residents could purchase.
Single adults who are residents of Nanjing will be limited
to buying one property, in an attempt to close a loophole where
some couples got divorced to purchase more properties, the
official Xinhua news agency said, citing a statement issued by
the municipal government.
In late September, the Nanjing government announced local
residents who already owned two or more houses in certain
districts will not be allowed to purchase new homes.
Prices of new homes in Nanjing rose 36.7 percent from a year
ago in August, data from the National Bureau of Statistics
China's southern megacities of Guangzhou and Shenzhen
imposed new measures to cool their overheated real estate
markets on Tuesday, including higher mortgage downpayments and
home purchase restrictions.
A property boom has given a welcome boost to China's economy
this year, fuelling demand for everything from construction
materials to furniture, but a growing buying frenzy is adding to
worries about ever-rising debt and risks to the banking system.
The new measures are the latest steps to tighten credit
flowing into the property sector as the government tries to
balance the need to prevent bubbles while stimulating economic
(Reporting by Sue-Lin Wong; Editing by Alison Williams)