Beijing Adds New Restrictions to Try to Cool Down Housing Market
(Beijing) – The Beijing municipal government has rolled out a new set of restrictive measures to try to combat the latest frenzy in the housing market, raising the down-payment requirement for second-home purchases in the city to at least 60% from 50%.
The new restrictive measures, which went into effect on Saturday, also changed the definition of second-home buyers to include anyone who has a record of taking out a mortgage, even if they don’t own a home currently in the Chinese capital city.
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