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Chinese authorities have introduced 房屋貸款 restrictions in a bid to relieve concerns on the mounting housing bubble in China’s largest cities

On March 17, Beijing and three other major Chinese cities introduced a brand new round of lending curbs in an attempt to suppress the overheating property market in China’s largest cities.

From the first couple of months of 2017, the whole investment in actual estate development was RMB985.4bn ($142.9bn), up 8.9 percent year-on-year. For the similar period, sales of residential buildings were up 22.7 percent, according to official data.

Price hikes are particularly pronounced in large cities where land for first time developments has become increasingly scarce. For instance, the Tier 1 cities of Beijing, Shanghai, Shenzhen and Guangzhou, have witnessed markedly greater price rises as opposed to those of other regions. The truth is, estimates suggest it could take a few years to work off existing housing inventories in a few of China’s smaller cities.

China’s new housing policies would be the latest in a series of other tightening measures employed across the nation over recent months

Beijing’s new measures include steeper requirements on down payments for buyers of any second home, which can be up from 50 to 60 %. Moreover, more people will likely be classed as ‘buyers of a second home’, where previously people who had already repaid a home loan might have been classed as very first time buyers. Similar measures were employed in the provincial cities of Guangzhou, Shijiagzhuang, Changsha and Zhengzhou. The newest policies would be the latest in some other tightening measures employed across the country over recent months.

Just four days right after the new measures were announced, the OECD released its annual report in the Chinese economy, advising that authorities “urgently” address the overheating property market. The report stated: “Soaring property prices in Tier 1 cities and leveraged investment in asset markets magnify vulnerabilities and the chance of disorderly defaults.”

It further warned a collapse in housing prices would hurt several important sectors, including real-estate, construction, refurbishment and home appliances. This said, the report conceded the impact of such a housing marketplace collapse may be mitigated by stringent prudential regulations, and the financial sector could likely absorb the shock.

Yet, authorities must execute a delicate balancing act. A housing bubble poses financial dangers and triggers frustration for 房貸, but more liquid monetary conditions also play a dexlpky77 role in supporting growth. The overheating housing market is additionally specific to certain locations, prompting authorities to think about differentiated policies across the housing marketplace.

For example, Wang Zhaoxing, Deputy Director of the China Banking Regulatory Commission, said during the media briefing a couple weeks ago: “For third and fourth-tier cities with excessive pressure of reducing inventories, and for buyers with solid demand (people who migrated from rural areas to urban areas), favorable credit financing policies will be given as being a support.”