Wednesday, October 27

China northern Zhangjiakou curbs new home price cuts

Article content

BEIJING — The northern Chinese city of Zhangjiakou issued a notice to curb price cuts for new homes, financial magazine Yicai reported, as some developers have begun to lower prices to boost sales in the second half of the year.

The local government said new home projects shall not be sold below 85% of the presale price registered with the local property regulator, said Yicai.

Zhangjiakou is the ninth city in the past two months to prohibit cuts in home sale prices, Yicai reported on Saturday.

Source link in Chinese

— Note: Reuters has not verified this story and does not vouch for its accuracy (Reporting by Liangping Gao and Ryan Woo)