房地产调控升级(fángdìchǎn tiáokòng shēngjí): Tightened control on real estate market
After issuing real estate control measures on March 17, Beijing municial government further tightened its housing mortgage rules on Friday to cool the local property market.
On March 17, Beijing implemented a new policy, which raised the down payment for a second house purchase from 50 to 60 or 80 percent of the purchase price.
"Second house buyer" has also been redefined, and it now refers to anyone who has taken a mortgage not only in Beijing but also in any other area nationwide. Even if the purchasers sell their house and don't own a house at present, they will be regarded as a "second house buyer" because of the mortgage record they had.
China's central bank also announced tightened rules on mortgages on Friday to curb speculative purchases in Beijing's property market and control credit risks. Targeting fake divorces, Beijing house mortgage applicants who divorced less than one year ago will be regarded as second home buyers and have to pay a higher down payment, according to a statement released by the People's Bank of China.
There will be further investigation into the source of a down payment to ban leveraging financial products, and commercial banks have been instructed not to offer loans to applicants who violate the rules, the statement added.
Following Beijing's example, other cities have rolled out similar rules to curb property market speculation since last Friday.
- Contract dispute between Chongqing-based Huacheng Xiwang Real Estate Development Co, Ltd, Hong Yulin, Huang Xinyun, Chongqing-based Laohu Assets Management Co, Ltd, Chen Yong and Gao Shanxue
- Execution dispute between Xie Youchun, Lu Xinsheng, Shi Minfu, Deng Shizhen, Guo Jiansheng, Liu Yinglan, Liao Zhiwei, Jiangxi-based Xincheng Jiansheng Investment Co, Ltd, Ganzhou-based Zhongsheng Real Estate Development Co, Ltd, Xu Mingzhong, Yan Mingcai and Teng Xiuming
- Stock right transfer dispute between Evergrande Grain and Oil Group Co, Ltd, Evergrand Real Estate Group Co, Ltd, Wu Qingsong and Evergrande Enterprise Group Co, Ltd
- Real estate destocking still a priority for most Chinese cities