CCTV9英语新闻：Shanghai issues measures to cool overheated property market

Shanghai municipal government has issued measures to cool down the overheated property market.

 

The mortgage downpayment requirement for second-home buyers has been raised to a minimum 50 percent. Non residents will have to contribute to the local security system for five years in a row, instead of two, before they are qualified to buy houses in Shanghai.

 

The local government also pledges to increase land supply and urges developers to build more affordable small- and medium-sized apartments. Supervision over the sector will be tightened to crack down on illegal activities. Real estate intermediaries are banned from offering any form of loans to buyers. These measures take effect immediately after issuance.

 

On Thursday, more than 1,700 ownership transference requests were submitted to the city’s property registration system, and the website almost collapsed. Data shows that average sales in the same period last year was around 170, only one-tenth of Thursday’s number.