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The southern city of Shenzhen, where a modest-size apartment typically costs more than $1 million, is emerging as a battleground. In recent months, officials there have tried a number of tactics to limit speculation and keep price appreciation under control. Among the most aggressive is a plan, thought to be China’s first, to manage home-sale values by setting guidance prices for banks to follow when approving mortgage loans.
Under the new rules, maximum prices were laid out by authorities in an 84-page document released in February that listed more than 3,500 property developments citywide. Several banks pledged to limit financing on properties whose sales prices exceeded the prescribed values. Buyers could pay more if they wanted to, but doing so would mean spending more up front for down payments, potentially curbing demand. Several large online property-listing platforms also removed advertised prices on existing homes and replaced them with the government’s guidance prices.
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