China restricts home buyers

TIANJIN – The northern port city of Tianjin announced measures Friday to restrict home owners from buying new homes to cool the property market.
Starting Saturday, single adults (including divorced individuals) and families whose members do not have permanent residence permits, or hukou, will be prohibited from buying new apartments, including second-hand ones, if they already own at least one home in Tianjin.
According to the new rule, families with local hukou who own at least two homes in the city will also be unable to buy more.
Families with local hukou who own one home, or do not own a home but have housing loan records, must pay a minimum down payment of 60 percent for a second home, while local banks will suspend housing loans with a maturity of more than 25 years.
In addition, non-resident families are allowed to buy a house only if they can provide personal income tax or social security records for at least two consecutive years in the city within the past three years.