LINE

Text:AAAPrint
Economy

New rules cut corporate apartment sales by 99% in Tongzhou

1
2016-06-08 14:31chinadaily.com.cn Editor: Feng Shuang
A real estate project in Tongzhou district, Beijing. (File photo)

A real estate project in Tongzhou district, Beijing. (File photo)

Only 13 corporate apartments have been sold in Tongzhou in the past month, compared with 6,004 a month ago – a 99 percent drop.

As of June 5, 4,623 units were still on sale, covering more than 350,000 square meters in the Tongzhou district, a suburb in Beijing, according to data released by real estate company Centaline Property.

This change comes a month after Beijing extended its real estate restrictions in Tongzhou to cover business property and force out speculators.

Under the new policy, families without household registration in Beijing, unmarried Beijing residents who already own homes and families that own more than one home are among those no longer eligible to purchase corporate apartments in Tongzhou.

Those from outside Beijing will only be allowed to buy corporate apartments in the district if they have paid tax and social security payments in Beijing over five straight years.

The rules also stipulate that office space can only be sold to companies for business purposes.

Authorities previously introduced restrictions on residential property purchases in the district in August last year to curb speculation that sent home prices soaring.

The Tongzhou district, which is about 40 minutes' drive from the center of Beijing, was designated a subsidiary administrative center for Beijing municipality last year as part of measures to tackle overcrowding in the capital.

Xinhua contributed to this story.

  

Related news

MorePhoto

Most popular in 24h

MoreTop news

MoreVideo

News
Politics
Business
Society
Culture
Military
Sci-tech
Entertainment
Sports
Odd
Features
Biz
Economy
Travel
Travel News
Travel Types
Events
Food
Hotel
Bar & Club
Architecture
Gallery
Photo
CNS Photo
Video
Video
Learning Chinese
Learn About China
Social Chinese
Business Chinese
Buzz Words
Bilingual
Resources
ECNS Wire
Special Coverage
Infographics
Voices
LINE
Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2018 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.