Shanghai aims to cool housing sector

SHANGHAI - The Shanghai municipal government issued a new regulation on Thursday that took effect the same day, limiting families to the purchase of one new apartment as the nation tries to curb property speculation and soaring prices.

Beijing introduced the same measure on April 30.

According to the regulation, every household in Shanghai is permitted to purchase only one more commercial residential property as of Thursday and anyone found in violation of the regulation will not be allowed to register their ownership of the property.