Beijing to keep limitations on house purchases

BEIJING- Restrictions on housing purchases in this city will continue next year without relaxation despite expected falls in property prices so far, local officials said on Friday.

Even so, a property tax is unlikely to be put into effect for Beijing, they said.

This year, the average price of commercial housing units stopped rising in July and so far has been lowered by 6.3 percent below what it had been in the same period last year. Of all of those who bought property in the 11 months of the year, 90 percent were first-time buyers, said an announcement released by the Beijing Municipal Commission of Housing and Urban-Rural Development.