The property market in Shanghai, China seemed to explode after the circulation of news that the local city government will attempt to control the housing market.
According to Real Estate Agent working for 5i5j, Ping Fei said, the market trading house will be cooled in a short time before it heats up again so that house prices do not fall.
Control of the property market had started in March, with a policy that requires foreign residents to pay social security costs during the five years of which were previously only two years, before they can buy property in Shanghai.
The property market is still experiencing an explosion of transactions. More than 1,600 new properties purchased in Shanghai. Data from the Shanghai Real Estate Trading Center, told the Global Times, shows that as many as 1,657 new homes have been trading on Monday, August 29, 2016, with the majority of transactions occur in suburban districts like Pudong and Qingpu.
At the weekend also occurred transactions as much as 1,056 units and 1,247 units Saturdays on Sundays. Nearly 5,000 units over the property has been purchased for five days.
Ping said that in the near future policies for controlling the housing market will be announced, which will include an increase in the ratio of advances to the first buyers by 50 percent, from the previous 30 percent.
The government will also raise home loan rates of approximately 10 percent for specific buyers. Source www.globaltimes.cn