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China 'Not Planning' to Introduce New Calming Measures

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China  Beijing  Shanghai  Chinese Property Regulation  Chinese Government  Chongqing  China Banking Regulatory Commission  Yan Qingmin 

China 'Not Planning' to Introduce New Calming Measures

By - Thursday 10 March 2011

The Chinese government has no further plans to tighten the property calming measures that are currently in place, it has been claimed. However, it is believed that banks will be required to follow strict lending procedures when agreeing rates with potential homebuyers.

Yan Qingmin, an assistant to the chairman of the China Banking Regulatory Commission, also said that banks must control first mortgages.

The world's second largest economy has so far introduced a series of measures which have not yet had the desired effect as property prices have remained elevated. Higher interest rates, lending curbs, a number of direct controls and the introduction of a property tax has helped to deflate the real estate market.

The government has also raised down payment requirements for second-home purchases and imposed taxes on residential properties in Shanghai and Chongqing.

A number of cities within China have followed the lead of the capital Beijing and introduced local curbs on home purchases over the past year. 

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