Officials in one of China’s hottest property markets have banned developers from borrowing money to buy land, as local governments embrace increasingly drastic measures to curb soaring home prices.
Prices of new residential properties in Nanjing, capital of eastern Jiangsu province, were up 40 per cent year on year in September, in line with increases in other big cities.
Over recent months, local governments have tried to cool residential property prices by making it more difficult for people to buy homes. The unprecedented decision by officials in Nanjing to cut off developers’ access to the banking system for land purchases highlights how local governments’ policy focus is shifting to real estate companies and their funding sources.
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