State media last week signaled the end of price caps by announcing that the government had approved prices in a new luxury Shanghai condo complex for 160,000 yuan per square meter, or about $3.8 million for a two-bedroom unit, and in a Beijing complex for about 140,000 yuan per square meter. Beijing's cap had been 40,000 yuan per square meter.
Meanwhile, the Inner Mongolia city of Hohhot scrapped a rule that restricted individuals seeking to buy second homes as investments. The rule, like the price caps, was aimed at keeping prices affordable. And the city of Jinan, in Shandong Province, recently promised to adjust its rules in order to "foster a healthy property market."
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV