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Year in review: Top China stories of 2017
 
10. Fighting against housing bubble
 
 
Residential buildings are seen along a street in Hefei, Anhui province, China, February 19, 2017. Picture taken February 19, 2017. Photo: REUTERS
 
Finally, a policy to control skyrocketing housing price which shows China’s ongoing efforts to squeeze bubble in the property market.
 
The capital city Beijing released a new measure in March to further cool the housing market by raising down payment requirement for second home purchases to 60-80% from 50%, while down payment for first-house buyers remains at not less than 35% of the total house price. 
 
Data released by the National Bureau of Statistic (NBS) in December showed that new residential house prices went down on a yearly basis in 11 out of 15 major cities which are considered the “hottest markets,” while on a month-on-month basis, new residential housing prices fell in 7 of the 15 cities. 
 
But the data also shows a slight increase in provincial centers and smaller cities, a sign showing policymakers still need efforts to rein in speculation in the property market. 
 
Chinese President Xi Jinping, who has stressed that “housing is for living in, not for speculation”, has signaled that the state is likely to continue managing the property market. 
 
 

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