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Hangzhou latest Chinese city to expand property curbs
March 2, 2017 / 1:53 PM / 9 months ago

Hangzhou latest Chinese city to expand property curbs

BEIJING (Reuters) - Hangzhou, in China’s prosperous Zhejiang province near Shanghai, said on Thursday it would stop non-residents buying a second home there, as large cities step up their fight against property speculators.

New properties are seen in Hangzhou, Zhejiang province, China, May 12, 2015. REUTERS/Stringer

From March 3, residents of Hangzhou will not be allowed to buy a third home, a notice from the Hangzhou housing authority said. Non-residents who had not paid personal income tax in the city would not be allowed to buy a home.

The Hangzhou restrictions have been extended to more remote districts of the city that were not previously subject to curbs.

On Wednesday, satellite cities near some of the country’s sprawling metropolises imposed restrictions on property purchases, as Chinese home prices continued to rise at near record rates.

Prices of new homes in China surged 12.4 percent last year, the fastest rate since 2011, prompting more than 20 cities to introduce property curbs since October to cool the market.

Reporting by Elias Glenn and Yawen Chen; Editing by Mike Collett-White

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