Economy

Dalian imposes restrictions on home purchase, the 14th in China

(Xinhua)
Updated: 2010-10-20 10:41

DALIAN - The coastal city Dalian in northeast China Tuesday imposed a new limit on home purchases in the city, the 14th and the latest Chinese city to implement such measures.

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Second-home purchases are temporarily suspended for families who have residency status in the city, while migrant families who cannot prove having worked in the city for at least one year are denied new loans on house purchases, said a local official.

Furthermore, the deposit threshold for first and second home purchases has been raised to no lower than 30 percent and 50 percent respectively, said the official.

Dalian is the latest Chinese city to join in the latest round of nationwide property market control starting in late September this year.

Prior to Dalian, 13 Chinese cities have promulgated similar regulations, including loan caps and higher down payment hurdles, to cool the overheated property market.