Sanya Tightens Home Purchase Rules

The municipal government in Sanya, Hainan Province is restricting new home purchases to one per household, according to a posting on the local government's website dated October 12.

The notice reiterates a 30% minimum down payment requirement for first home buyers on purchases of housing units with more than 90 sqm, or a 50% minimum down payment for home buyers who already own residential property. The government is also banning banks from issuing mortgages to applicants with two existing properties, according to the notice.

The Nanjing municipal government recently issued tighter controls on residential real estate purchases.