‘Property Prices Are Only Allowed to Go Down Rather Than Up,’ Says Wuhan, Capital of Hubei Province

Yicai

2017-04-21

(Yicai Global) April 21 – Wuhan, capital of Central China’s Hubei province, has unveiled its latest property controls in an effort to keep home prices at current levels and not to allow housing price hikes. Prices for new properties are only allowed to go down rather than go up, the city government stressed.

Wuhan will clamp down on illegal and irregular property developers, real estate agents and actions with zero tolerance starting today, said the Wuhan Housing Security and Management Bureau at a meeting on property market yesterday.

Wuhan will carefully review pre-sale filing of commodity housing in a bid to maintain home prices at the current levels, the bureau said, adding that prices for new apartments are only allowed to go down rather than go up.

It will also crack down on irregular practices such as forcing homebuyers to purchase decoration services along with properties. Amid a government crackdown on rising home prices, more 45 Chinese cities have introduced nearly 140 regulatory measures to rein in property speculation since Sept. 30, 2016.

Follow Yicai Global on Facebook @yicaiglobal and Twitter @yicaichina.