Beijing’s municipal government for the first time clarified that it won’t allow new residential projects to go on sale if prices are higher than those sold in earlier launches, releasing a formal policy that gives weight to mayor’s pledge to arrest price gains in 2017.
In an annual white paper released on Wednesday, Beijing Municipal Commission for Housing and Urban-rural Development vowed to block issuance of presale permits to developers if they apply to sell at a price “conspicuously higher than previous ones and surrounding projects’ price”, putting off any room for developers to raise prices.
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