LONDON: Shanghai, China’s financial hub, is putting in place new measures to curb a surge in property prices as part of the country’s latest push to ensure stable and healthy real estate development. In addition, punishment will be increased for spreading rumors about the property market and violating laws, according to a statement posted on the commission’s website. The curbs follow similar steps taken by more than a dozen Chinese cities this week and complement measures implemented earlier this year. New home sales in Shanghai dropped 44.5% in September compared to August, while prices rose 5.1% in the same period, property consultant Shanghai Uwin Real Estate Information Services Co said in an e-mailed statement. Cities that announced steps to contain house-price bubbles recently include both tier 1 and tier 2 cities such as Nanjing, Shenzhen, Tianjin and Fuzhou.

Source: The Star October 09, 2016 22:18 UTC