It Begins: Shanghai, Nanjing, Wujan and Shenzhen Launch Policies to Slow Real Estate Market

All of these policies were unveiled on March 25. These are not likely to be the last policies, merely a first step.

Shanghai: now requires 5 continuous years of paying income social security taxes. Second homes: mortgage interest rates increased 10%, down payment increased to 50% to 70%

CRI English: Shanghai Authority Adopts Tougher Restriction to Cool Housing Market

Shenzhen: Residents limited to owning two homes; non-residents one. Must have at least 3 years payment of income or social security taxes. Down payments hiked to 40% for people who have previously had a mortgage

Wuhan: Cut the maximum loan from the public housing fund by 100,000 yuan, to 500,000 yuan. For a second home, the maximum loan amount is 500,000 yuan less any funds previously borrowed.

Nanjing: Jiangsu province has ordered banks to strictly investigate down payment ratios and the source of down payment funds, in addition to credit worthiness of borrowers and property.

iFeng: 房价大涨城市全部沦陷:调控政策相继出台

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