Shanghai reins in property market

Surge of buyers purchased additional homes before new measures took effect on Friday

Lin Hong feels lucky to have followed the home-buying rush because she was able to complete the purchase of her family's second home the day before a new policy reining in Shanghai's property market took effect on Friday.

"It is a narrow escape, otherwise, we would have had to pay the 70 percent down payment that the new rules required, which is hardly possible for us," said the 31-year-old.