Date
20 November 2017
Jinan saw a sharp fall in property sales and stagnant prices in the first half. Photo: Bloomberg
Jinan saw a sharp fall in property sales and stagnant prices in the first half. Photo: Bloomberg

Jinan eyes removal of property purchase limits

Jinan, capital of eastern China’s Shandong province, is considering scrapping property purchase limits amid a weakening real estate market, Xinhua news agency reported Thursday.

The proposed measure will apply to new and second-hand units and follows similar steps in other cities including Hohhot in Inner Mongolia, Nanning in Guangxi province and Wuxi in Jiangsu province, the report said.

Jinan property sales fell sharply in the first half and prices were stagnant, according to a document circulated online.

In it, mayor Yang Luyu backed a proposal by local housing authorities to lift purchase restrictions and urged the local government to prevent price fluctuations.

Transactions for new homes were 3,053 in May, down 28 percent from April. Prices of second-hand homes also fell in the month, ending a 15-month run of increases, the report said.

– Contact us at [email protected]

KZ/AC/RA

EJI Weekly Newsletter

Please click here to unsubscribe