Caixin
Apr 19, 2010 02:48 PM

Mortgages for Third Homes Suspended

[Click for Chinese Version]

China's State Council, the cabinet, has ordered banks to suspend mortgage loans to those with mortgages for at least two homes in cities where housing prices have surged, a clear signal to curb speculation in the housing market.

In a new rule issued on April 17, only residents who work in a city for more than one year can get mortgage loans from banks. Provincial and Municipal governments can limit the number of apartments a person can buy when the cap is necessary for curbing speculation.

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