China To Tighten Credit Policy To Shackle Property Boom

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China will restrict credit for the purchase of certain homes in an effort to counter speculation in the real estate market amid booming prices, Housing Minister Jiang Weixin said on Wednesday.

Jiang said that the restrictions will be aimed at buyers of more than one property and vowed to crack down on property hoarding by developers.

"The government will adopt tighter credit policies for the purchase of second homes to curb speculative investments," he said in a statement.

Beijing has already started to begun unwinding some of its stimulus measures aimed at the property market amidst growing fears that the Chinese property market is overheating and could well be heading towards a full-blown bubble.

China will restrict credit for the purchase of certain homes in an effort to counter speculation in the real estate market amid booming prices, Housing Minister Jiang Weixin said on Wednesday. (Market News Provided by RTTNews)