Nanjing has taken new measures to rein in soaring property prices, which have risen for 21 months in a row up to February, the National Business Daily reported Wednesday, citing a local government notice. To control land prices, developers will only be able to bid up to 45 percent above the floor price set by the city. And homes of up to 90 square meters will have to make up more than half of total residential land use in the next five years. Projects with high price tags won’t be approved for sales licenses, according to the report.
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