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Beijing curbs second home buyers as China cools property market
In its latest move to cool the property market, Beijing has implemented a new policy banning all single-member households from buying more than one place of residence.
This rule closed the loophole allowing couples to file for a divorce in order to double their investment capabilities. Other new measures include an increase in the minimum down-payment for all buyers of second homes and a 20% tax on capital gains from property.
In the past year, beginning in February, home prices in Beijing rose 5.9%. Between the periods of 1998-2011, China saw a nationwide rise in home prices of 160%.
Shanghai has also seen new home prices rise by 3.4% over the course of this year. Similarly to Beijing, Shanghai has decided to take new measures, also including increased down-payment requirements and interest rates for second-home mortgages. They have also implemented policies preventing banks from providing credit to third-home buyers.
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