Shanghai will not loosen its grip on home buying restrictions, revealed party Chief Yu Zhengsheng.
According to a report by the Shanghai Securities Times, local authorities in the financial centre have, in fact, tightened property cooling measures by restricting unmarried adults from purchasing a home if their parents own one.
Ronnie Chan Chi-chung, Chairman of Hang Lung Properties, said it is hard to make predictions on the mainland property market due to such uncertainties in policy, though the number of real estate transactions could increase this year due to demand.
He added that developers may need to slash prices further to hit their targets.
Meanwhile, the China property market saw a rebound in February, as prices and transactions climbed on a month-on-month basis. However, sales were still down 8.5 percent from a year ago.
Zhang Li, Chairman of Guangzhou R&F Properties, noted that the central government “should restrict sales prices instead of transactions.”
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