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Property

China cracks down on property speculation

Authorities put ceiling on secondhand unit prices to dampen overheated market

Prices in key cities such as Beijing, pictured here, have jumped by an average of 10.5% in June from a year earlier.   © Reuters

BEIJING -- China is toughening regulations around condominium transactions with an aim to contain speculative and illegal deals within three years, amid growing social discontent about soaring property prices.

Among the measures that authorities are taking are the introduction of eligibility rules for property purchases and the intervention in the secondhand market in big cities to prevent price inflation.

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