Bloomberg News

Shanghai Government Says Real-Estate Policy Remains Unchanged

February 22, 2012

Feb. 23 (Bloomberg) -- Shanghai’s government reiterated that its property policy hasn’t changed in a statement yesterday in response to a report by the Shanghai Securities News that the city had eased some restrictions on property purchases.

The newspaper said earlier yesterday that Shanghai would allow more people to buy second homes. Shanghai loosened its definition of locals to let residence-permit holders with at least three years in the city buy second homes, according to the report, which cited an unidentified city housing regulator.

The government said later that there was no change in home- sales policy and that it will continue to implement home sales restrictions, according to a statement on its website. The city limits second-home purchases to locals, defined as those born in the city and people who have worked there for an extended period of time.

The gauge tracking property stocks Shanghai Composite Index surged 2.8 percent to the highest level since Nov. 2. China Vanke Co., the biggest mainland-listed developer, climbed 3.4 percent to 8.19 yuan in Shenzhen, the highest since Aug. 26. Poly Real Estate Group Co., the second biggest, increased 2.7 percent in Shanghai to 11.28 yuan.

--Feiwen Rong. Editor: Joshua Fellman

To contact Bloomberg News staff for this story: Feiwen Rong in Beijing at frong2@bloomberg.net

To contact the editor responsible for this story: Richard Dobson at rdobson4@bloomberg.net


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