CCTV9英语新闻：New government regulations on real estate come into effect

New regulations on real estate purchases in China's largest cities took effect last Friday. Government officials hope the measures can help stabilize China's roaring real estate market.

 

Shanghai has increased downpayment requirements for second apartments to 50 percent the buying price - up from 30 percent last year. Residents from different provinces now have to pay social insurance for five consecutive years in order to qualify to buy a home. Downpayment loans are now prohibited.

 

Meanwhile, Shenzhen has banned residents from buying more than two apartments, and foreign residents are only allowed one apartment after paying social insurance for three consecutive years. 

 

The cities of Wuhan and Nanjing have put restrictions on loans to employees looking to buy a home. Many feel the measures are needed. In Shenzhen, housing prices have been going up around 4 percent each month.  Beijing and Shanghai saw similar growth in prices of around two percent last month.