China’s southern city of Guangzhou limited new home purchases to one unit for each household, joining eight cities that have issued buying rules in an effort to curb property speculation in the country.
The city also banned home purchases from non-Guangzhou residents who haven’t lived in the city for a full year, the Guangzhou Land Resources and House Management Bureau said in a statement posted on its website yesterday.
“The government will firmly curb unreasonable home purchases demand and strictly limit speculation in property market,” the bureau said, adding that the new measures are aimed at “restraining the over-rapid growth of property prices.”
China’s property prices rose and transactions jumped in September from the previous month, underscoring the need for more government curbs to discourage speculation and prevent asset bubbles in the world’s fastest-growing major economy.
