Shanghai property curbs soon

SHANGHAI - The Shanghai municipal government may release detailed regulations for the property sector in two weeks, in line with central government policies, to curb housing speculation and soaring prices in the local market, an industry insider said on Wednesday.

"A meeting will be held by the Shanghai municipal housing support and building administration bureau on Friday, and the main topic for discussion would be detailed regulations for the property sector," said Sun Lijian, a professor with Fudan University and an adviser to the local government.

On April 16, the State Council rolled out a series of measures to curb the domestic housing market amid concerns over asset bubbles. These measures include a 30 percent down payment for first time buyers for houses larger than 90 square meters, 50 percent down payment and lifting mortgage interest rate for second home buyers. The government has also imposed a temporary ban on mortgage applications for third or above home buys and cross-city purchases.