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Economy

Shanghai rents plateau for 1st time in 8 years

China's appetite to curb housing bubble taking bite out of rental market

People walk across a bridge near the financial district of Pudong in Shanghai. Rents in the city have leveled off for the first time in eight years.   © Reuters

SHANGHAI -- The Chinese government's restrictions on home sales and mortgage rate hikes, put in place to deflate the housing bubble, have resulted in Shanghai property rents finally leveling out, at least for the time being.

The property rent index for August remained largely unchanged, standing at 1,933 compared to the March reading of 1,939, according to research company ehomeday.com. The index has remained broadly flat over six months for the first time since 2008-2009 after the global financial crisis.

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