China's first-tier cities tighten property policies to curb speculation

A real estate agent (left) fields queries from prospective homebuyers at a shopping mall in Shanghai on Aug 1. -Photo by Lyu Liang/For China Daily

SHANGHAI: Shanghai residents who plan to buy new houses need to calculate their scores first and check whether they are eligible for a lottery system.

The seemingly complicated rules rolled out in Shanghai recently can effectively ensure houses in this megacity are allocated to families that desperately need their own accommodation.