New property curbs begin to bite at last

Actions taken by policymakers to rein in asset price bubble looks to be getting traction

The push by China's policy makers to rein in property bubbles looks to be getting traction, according to early indicators from the nation's biggest cities.

Beijing home sales volumes plunged 41 percent year-on-year last month while Shanghai's slumped 18 percent, China Real Estate Information Corp data showed, after new purchase restrictions tightened mortgage lending. Transactions fell 50 percent in smaller cities.