InfoAnda - China steps up efforts to curb property prices

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World China steps up efforts to curb property prices AFP - Tuesday, April 20 Send IM Story Print BEIJING (AFP) - – China has moved to further curb real estate speculation by telling banks they will be allowed to refuse additional mortgages to buyers who own two or more properties. The move comes soon after the government last week raised the minimum down payment for second home purchases as authorities try to rein in the market with the economy growing at a blistering pace. Under the new rules, announced at the weekend, banks can also refuse loans to people who cannot prove they have lived and paid taxes for at least one year in the city where they intend to buy, the State Council, or cabinet, said. Last week the State Council raised the minimum down payment for second home purchases to 50 percent and set a minimum 30 percent deposit on first homes bigger than 90 square metres (970 square feet). The latest moves highlight growing concern in China that the property market is overheating, after prices in major cities rose 11.7 percent year-on-year last month, the fastest since the survey was widened to 70 cities in July 2005. The State Council also renewed a pledge last week to rein in runaway prices by increasing the supply of land for construction, accelerating the building of affordable housing and cracking down on speculative activity. But Royal Bank of Canada senior analyst Brian Jackson said the measures would not be as effective as higher interest rates. "I have very strong doubts that is going to be enough to get the results they want in terms of slowing down the property market and eventually they will have to use blunter instruments," Jackson told AFP. China is trying various ways to prevent the growth of asset bubbles as the nation's economy surges -- it grew 11.9 percent in the further three months of the year -- and keep a lid on inflation. Beijing has been clamping down on bank lending which has been blamed for fuelling speculative investment in the property sector. Policymakers have raised bank reserve ratios twice this year -- effectively limiting the amount banks can lend -- and increased interest rates on benchmark three-month and one-year Treasury bills. Analysts have forecast interest rate hikes as early as this month as well as a loosening of exchange rate policy, which has effectively pegged the yuan to the dollar since mid-2008. Recommend Send IM Story Print Related Articles EU lifts restrictions on US rice imports - official Reuters - 15 minutes ago Europe shares slip on Goldman, volcanic ash cloud Reuters - 19 minutes ago US-BUSINESS Summary Reuters - 19 minutes ago Halliburton profit beats; outlook improves Reuters - 19 minutes ago Russian rouble down on global risk aversion Reuters - 21 minutes ago News Search Top Stories Venezuelan boxer hangs himself after murder rap Airlines urge governments to reopen routes Toyota to pay fine but not off hook yet: US govt New fears beset markets over Greece's debt NASA delays shuttle Discovery's return to Earth More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended EU emergency talks as volcano cloud havoc worsens Toad is a telltale for impending quakes: scientists Goldman fraud charges trigger possible wider crackdown Volcano cloud pushes European airlines to the brink: analysts Ocean census uncovers 'new world' of marine microbe life More Most Viewed » Toad is a telltale for impending quakes: scientists Two-million-year-old hominid sheds light on evolution Taiwan's male 'Susan Boyle' a web sensation EU emergency talks as volcano cloud havoc worsens More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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