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BRIEF-China's Nanjing restricts home sales by buyers to fight speculation
May 15, 2017 / 3:24 AM / 7 months ago

BRIEF-China's Nanjing restricts home sales by buyers to fight speculation

BEIJING, May 15 (Reuters) - The Nanjing Municipal city government said on Saturday:

* Home buyers, including businesses, who buy properties after Saturday are not allowed to sell them before holding for three years since the date of receiving the property ownership certificates.

* It will introduce a lottery system to govern new home sales. A notary office would handle the lottery to ensure fairness when buyers outnumber available units.

* It will expand residential land supply with a total supply of 5,150 hectares during 2017-2021, marking an average increase of 47.1 percent.

* It requires auditing on developers’ source of funds for land purchases.

* It will set a price cap on land auctions and once the maximum price is reached, developers will continue to bid based on the area of public housing they pledge to build on the land.

* The rules are effective Sunday Source text in Chinese: [] (Reporting by Beijing monitoring desk and Yawen Chen)

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