Tuesday, April 20, 2010

China tightening rules on home purchases

Recently China has tightened rules regarding home sales:

Banks can refuse loans on 3rd homes.  (wow, THIRD HOMES)
Down payments on second homes have been increased from 40 to 50 percent.
Mortgage rates have been increased.
Developers can no longer take deposits on unfinished homes without proper approval and other rules designed to mitigate keeping housing supply off the market.

China Daily article  2010 April 19

Bloomberg article 2010 April 20

Let's see if this works  . . .

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