Wuhan City in China has issued new rules which allows each household to purchase only one home in the downtown area, starting January 15, according to a report by Shanghai Securites News, as Wuhan joined other big Chinese cities in curbing property prices.
The newspaper added that the provincial government of Shaanxi will also restrict home purchases in selected cities within a year.
According to the China Real Estate Index System (CREIS), home prices in major cities rose by more than a fifth last year.
Since 2010, Beijing has implemented a series of measures to cool the red-hot property market and curb asset bubbles, as well as to counter the inflows of speculative funds.
Property tax will also be imposed on a trial basis in Chongqing, covering both existing and new homes.