Buildings under construction are seen among fog in Rizhao, Shandong province, China.
Even with tighter home buyer restrictions such as increased down payments, reducing maximum loan terms and limiting multiple property purchases, they're not having much luck, particularly in Beijing, the nation's capital. According to figures from the National Bureau of Statistics, prices in Beijing increased by And that's the official number, with evidence elsewhere suggesting that price gains continue to go unchecked.
According to data released by the Chinese Real Estate Industry Association last month , the average price per square metre in the city rose to 60, yuan in February from 52, yuan in October, an increase of It's creating a problem for housing affordability and also increasing financial sector risks.
In what looks to be an increasingly desperate attempt to curb house price gains, the government has taken the unusual step of ordering 15 online real estate portals to remove what it deems to be misleading information, false advertising and even advice on feng shui, aimed at reducing speculative activity within the market. The government, according to a story from the state-run Xinhua news agency, stipulated that advertisements on the websites should not promise rising returns on Beijing real estate investment, said Reuters.
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