Arab Today, arab today property curbs to stay in place for next year
Last Updated : GMT 01:52:20
Arab Today, arab today
Arab Today, arab today

Property curbs to stay in place for next year

Arab Today, arab today

Arab Today, arab today Property curbs to stay in place for next year

Beijing - XINHUA

Controls on the property sector will continue, to prevent over-investment from buyers next year, the Ministry of Housing and Urban-Rural Development said on Tuesday. China has tightened its curbs on the property sector since 2010, when home prices rose beyond the reach of average wage earners. The government introduced a series of restrictions to control house purchases in several cities, requiring higher down payments and bringing in property taxes. Some 28 percent of wealthy investors faced huge losses in the real estate market last year, according to the latest annual Chinese wealth report from the Boston Consulting Group and China Construction Bank Corp, and 3 percent of them saw losses of more than 30 percent. China\'s high-net-worth population is defined as those with financial assets of more than 6 million yuan (960,000 U.S. dollars). Most property investors have encountered severe difficulties after failing to sell luxury houses to compensate for huge losses experienced by the tightened policies. Ding Yi, a developer specializing in luxury mansions in Wenzhou, Zhejiang province, said: \"Those property investors who purchased houses after 2009 have to suffer losses of more than 30 percent if they want to sell their properties now.\" Ding said most experienced property investors have not been hit with large losses but those with less experience have \"learned a lesson\". After the central government tightened policies for home purchases, investors\' enthusiasm cooled dramatically. Ding said: \"I know that investors have mostly stayed out of the property market and are waiting for better prices to sell.\" A small number of investors who took out high-interest loans to buy properties were forced to sell at a loss of 30 percent on the market price to repay their debts, Ding said. Zhuang Chen, a Wenzhou property investor with 30 houses nationwide, said he bought most of the properties before 2010 when the restrictions were imposed. \"I am still waiting for housing prices to recover, which will happen sooner or later.\" Zhuang said many of his friends have had trouble selling their properties. However, Dai Fang, an analyst with Zheshang Securities, said the property market is now relatively stable, and housing prices are growing gradually and will continue to rise in 2013.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today property curbs to stay in place for next year Arab Today, arab today property curbs to stay in place for next year

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 06:01 2017 Sunday ,26 February

BRIC funds see inflows amid emerging equity boom

GMT 05:43 2017 Sunday ,26 February

Al-Gergawi quits Dubai Holding to focus on govt role

GMT 05:14 2017 Sunday ,26 February

Oil prices to average $50-$70 through 2022

GMT 14:44 2017 Saturday ,25 February

China overtakes US as Germany’s top trade partner

GMT 05:53 2017 Saturday ,25 February

Global sovereign debt to hit new all-time high

GMT 05:17 2017 Saturday ,25 February

Oil world cautious on Trump’s next move

GMT 09:59 2017 Friday ,24 February

Baidu revenue slips anew amid ad clampdown
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 01:04 2017 Tuesday ,28 February

Nokia 3310 is back — and so is 'Snake'

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday