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China's Guangzhou rolls out fresh curbs on flipping houses
March 31, 2017 / 1:13 AM / 8 months ago

China's Guangzhou rolls out fresh curbs on flipping houses

SHANGHAI (Reuters) - The southern Chinese city of Guangzhou has put fresh curbs on homeowners selling their homes quickly after purchasing in an attempt to cool the property market, the official Xinhua news agency reported.

Homeowners will only be able to resell a property two years after they obtain an ownership certificate, according to the new rules that go into effect on Friday. These apply to both new and second-hand homes, Xinhua said.

The new restrictions come two weeks after the city said it would allow unmarried people and non-local residents to buy only one home in the city, and raised the minimum down payment on second homes to 50 percent.

China’s red-hot property market has been resisting cooling measures and purchase restrictions - first imposed by big cities but now adopted by smaller cities. Nationwide home sales surged in the first two months of the year despite such government measures, data showed.

Reporting by Brenda Goh; Editing by Edwina Gibbs

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