China cities move to cool red

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1、Chinacitiesmovetocoolred-hothousingmarketTwoleadingcitiesinChinahaveannouncedneweffortstocooltheirpropertymarketsamidareturntorapidlyrisinghousingprices.Inguidelinespublishedovertheweekend,authoritiesinShanghaidirectedbankstostopissuingloanstoindividualsattemptingthepurcha

2、seofathirdhome.Beijingannouncedthatsingleresidentswillnowbeallowedtopurchaseonlyonehome.Bothcitiessaidtheywouldstrictlyenforcea20%capitalgainstaxonincomeearnedinpropertysales.ThenewrulescomeafterChina'scentralgovernmentsaidlastmonthitwasconcernedaboutthepropertymarket,andd

3、irectedlocalgovernmentstoreininhousingprices.Beijingalsopromisedpenaltiesforlocalgovernmentsthatdonotcurbprices,sayingthatofficials"willbeheldaccountable"intheeventoffailure.Thelatestdatasuggestspricesareonceagainwithforce.Housingpricesrosein66of70ChinesecitiesinMarchwhenc

4、omparedtothepreviousmonth,accordingtotheNatirisingonalBureauofStatistics.Comparedtothepreviousyear,priceswerehigherin62ofthesame70cities.Citingrampantspeculationandpoorplanning,someChinaanalystsareworriedaboutthedevelopment--andpossibledeflation--ofahousingbubble.Relatedst

5、ory:World'sbiggestmallaChina'ghosttown'Realestatepriceshavebeentrendinghigherformuchofthelastdecade,sparkingacycleofgovernmentreactions.Residentswithfewavailableinvestmentoptionspourtheirsavingsintorealestate,whilethegovernmentcounterswithmeasuresdesignedtocoolthemarket.Th

6、egovernment'seffortsareoftensuccessfulintheshort-term,butpricessoonresumeanupwardswing.Yetotheranalystsinsistthatfearsofabubbleareoverstated.HundredsofmillionsofChineseareexpectedtomovefromruralareastocitiesoverthenextdecade,theysay,anddemandislikelytoremainstrong.Economis

7、tsatUBSsaidlastweekthatsignificantproblemscouldeventuallydevelopinChina'shousingmarket,butshort-termriskisminimal."WhileChina'spropertysectormayhavebuiltupsomeunhealthyparts,thelackofhouseholdleverageandtheabsenceofneartermcatalystinchangingtheunderlyingfundamentalsupportm

8、eansweareunlikelytoseeacollapseofhousingmarketsoon,"theeconomistswroteinaresearchnote为快速上