» 01/29/2011, 00.00
New property taxes in Shanghai have little impact on speculation
New taxes are imposed on second homes, first in Shanghai and Chongqing, later in the rest of the country. The government wants to stop real estate speculation, but property remains the main investment opportunity for most families.
Shanghai adopts new measures against real estate speculation
Households are banned from purchasing third homes. Banks will be limited in the number of mortgages they can issue; taxes will be raised as well. Experts say such steps can only have short-term effects; affordable housing is needed for low-income families.
Important decline in property development and car sales
Inflation creeps up on China's economy
Corruption probe in Shanghai netting real estate developers
Top real estate company executives are under investigation and detained. Beijing is using news media to highlight its house cleaning success and the corruption of the "Shanghai Gang". An entire system of power comes under fire.
In 2009, property sales reach 4.4 trillion yuan
Property prices are rising non-stop, especially in the big cities, favoured by easy bank loans. The government is concerned about speculation, which excludes many people, because it could cause huge losses in the financial markets.
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