Nanjing Enacts New Curbs on Homebuyers

(Beijing) — Nanjing officials are tightening home-buying rules to ward off speculators, following steps in other cities to cool their respective overheated property markets and reduce fears of a bubble in their jurisdictions.

Under a new policy that goes into effect on Monday, homebuyers in the eastern city who do not have a local residency permit will not be allowed to buy another home if they already own one in the city's eight major districts, according to a statement posted on the Nanjing government's website.