Xinhua News reported today that the government will target excessive growth in property prices in some cities. This comes on the heels of the Chinese cabinet saying that it will impose a sales tax on homes sold within 5 years. China’s Ministry of Finance has tightened rules regarding the purchasing of land, raising the minimum down payment for buyers to 50% as the government continues to clamp down on the real estate market amid growing concerns about a bubble forming in some large cities according to Xinhua.

The Ministry of Finance statement also said that developers need to pay the … …READ MORE