It’s on like Donkey Kong now, from Bloomberg:
Sichuan’s provincial capital Chengdu and Henan’s provincial capital Zhengzhou on Sunday banned people from buying a third property in some areas. Wuxi, a southern manufacturing base close to Shanghai, raised down-payment requirements for second homes to a minimum of 40 percent of the property’s value from 30 percent previously.
Capital city Beijing on Friday increased down payments for first-time purchasers to a minimum of 35 percent of the selling price, the highest level among Chinese biggest cities. Adjacent Tianjin banned non-locals from buying second properties, while southern Suzhou said it would warn developers if prices were “notably” higher than costs plus a reasonable profit. And Shandong’s provincial capital, Jinan, increased down-payment requirements on first homes to 30 percent from 20 percent in select areas, and on second residences in those places to 40 percent from 30 percent, according to the official Xinhua News Agency.
Wuhan implemented buying restriction effective October 3, from Sina:
Wuhan market regulation overweight, since October 3, part of the region to implement the purchase of housing credit limit measures. That local purchase of the second suite down 50%, to buy the third suite credit limit; foreigners buy the first suite down payment of 25%, the second suite purchase limited credit, to buy the third suite restriction.
Expect slowing not crashing but it’s going to hit commodities anyway.
