Sanya cools its housing market

Sanya authorities restricted the average price of filed commercial housing in the city, and said it cannot be raised within the first year.

The local regulator said that for projects that have been filed before September 1, the price of unregistered properties need to be filed again, and the overall average price must not exceed the recent price of the project.

And for housing projects with file prices that have been approved, the average prices cannot be increased during the first year.

Sanya is the latest city to implement cooling measures on the housing market after several major Chinese cities, including Shenzhen, halted their second round of land auctions in recent weeks to better regulate the housing market.

Shenzhen recently reissued a notice about the second batch of centralized land sales, lowering the housing sales price limit to stabilize the market.

The city saw its secondhand residential transactions fall for the fifth consecutive month in August – the lowest figure in nearly a decade, according to the latest data from Shenzhen housing authorities.

In other news, mainland developer China Overseas Land and Investment (0688) recorded contracted sales of 25 billion yuan (HK$30.1 billion) in August, down 13.1 percent from previous years.

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