China’s local governments implement new housing curbs

%3CP%3E%3CFONT%20face%3DVerdana%3EShanghai%20is%20not%20the%20only%20city%20that%20implemented%20new%20real%20estate%20policies%20in%20November.%20Major%20cities%20across%20China%20are%20once%20again%20rolling%20out%20measures%20to%20curb%20the%20country%27s%20red-hot%20housing%20market.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3ETianjin%27s%20local%20government%20announced%20a%20new%20round%20of%20tightening%20policies%20since%20September.%20Residents%20there%20applying%20for%20mortgages%20to%20buy%20their%20first%20homes%20will%20now%20be%20required%20to%20provide%20a%2030-percent%20downpayment%20instead%20of%20the%20previous%2020%20percent.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThose%20who%20have%20one%20apartment%20and%20are%20still%20paying%20off%20the%20mortgage%20will%20be%20required%20to%20pay%20a%2040-percent%20downpayment%20if%20they%20apply%20for%20another%20mortgage.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EAnother%20city%20took%20things%20even%20farther.%20Jinan%20in%20Shandong%20province%20announced%20a%20mortgage%20freeze%20for%20the%20rest%20of%20November.%20No%20banks%20in%20the%20city%20will%20be%20allowed%20to%20grant%20commercial%20mortgage%20to%20home%20buyers%20until%20December.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EAnalysts%20say%20the%20three-day%20ban%20would%20have%20a%20limited%20impact%20on%20the%20market%20but%20sends%20a%20strong%20signal%20from%20authorities%20to%20chill%20the%20market.%20Meanwhile%2C%20lenders%20and%20buyers%20were%20unsure%20if%20the%20loan%20stoppage%20would%20be%20extended%20deeper%20into%20December.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThere%20are%20also%20measures%20aimed%20at%20home%20developers.%20Nanjing%20earlier%20this%20month%20tightened%20oversight%20of%20developers%27%20financing%20sources%20when%20they%20bid%20at%20land%20auctions.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EMeanwhile%2C%20Chengdu%20announced%20that%20developers%20will%20need%20to%20clear%20their%20land%20transaction%20within%20three%20months%20of%20the%20auction%2C%20if%20the%20land%20was%20sold%20at%20a%20premium%20over%2060%20percent.%20Also%2C%20developers%20will%20be%20forbidden%20to%20increase%20the%20prices%20on%20the%20apartments%20they%20sell%20once%20they%20report%20them%20to%20authorities.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EOther%20cities%20including%20Wuhan%2C%20Dongguan%2C%20Shenzhen%20and%20Hangzhou%20also%20rolled%20out%20tighter%20housing%20policies%20in%20November.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%3CBR%3E%28CCTV.com%29%3CBR%3E%3C/FONT%3E%3C/P%3E