Chongqing Home Sales Collapse Amid Restriction Blitz

Chongqing home sales collapsed 64 percent week-on-week by area sold in the week of January 2 to January 8 (iFeng: 重庆一周六次喊话遏制炒房 主城区楼市成交量大降60%), amid a government regulatory blitz that continued into this past week. With the supply of housing also rising 54 percent that same week, a slide in prices is all but inevitable.
January 6, there are reports that the name of flying to the Chongqing "real estate" phenomenon, the Chongqing Municipal Land and Housing Bureau, the relevant responsible person said, "the recent housing market, the city overall stable, the next step will strengthen the market judged, Timely release of market information, guide the people rational purchase, good policy reserves, to ensure the city's real estate market stable and healthy development.

January 7, Chongqing City Land and Housing Bureau issued "on the strengthening of the main city commercial housing project pre-sale program management notice," respectively from the strict pre-sale program for the record, to strengthen the record price review, strict pre-sale program changes and strict pre-sale program Implementation and other four aspects to strengthen management.

January 10, Chongqing Municipal Land and Resources and Housing Authority to crack down on illegal sales behavior, announced the hotline, including 24-hour hotline to facilitate the acceptance of public complaints. At the same time, Chongqing Guotufangguan bureau listed 9 people in the purchase process can report the intelligence.

Followed by the financial sector.

January 12, Chongqing City, the housing provident fund management center in Chongqing, 12 local banks jointly issued a statement against the real estate.

January 13, the central bank of Chongqing, the Department also held a conference on housing credit, requiring members of the self-discipline mechanism to strictly limit the flow of credit funds to invest speculative buyers, and promote the steady and healthy development of Chongqing real estate market.
More detail on recent moves:

iFeng: 重庆再出重拳!外地户口首套房开征房地产税

DM: China's Chongqing imposes harsher property tax measures to deter speculators
China's southwestern city of Chongqing will impose a property tax on first-time home buyers who are non-residents with no job or company in the city, state news agency Xinhua reported on Friday.

The new rule, effective from Jan.14, is being brought in in response to recent large price fluctuations in Chongqing as speculators from outside the city flood the market, Xinhua said.

Under previous rules, non-residents who didn't work and owned no companies in Chongqing only needed to pay a property tax for second homes in the city.
This decision follows the voluntary tightening of credit by Chongqing financial institutions.

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