Beijing, China. Photo: iStock

After the Beijing municipal government introduced more than 20 new rules since March 2017 to crack down on speculation in the housing market, a year later the city has experienced a decline in steep housing prices and sales, The Paper reported.

According to the data released by Centaline Property, before the crackdown, 254,916 sets of second-hand housing contracts were signed in the previous year.

After the government started to carry out “the strictest housing policies ever” in March 2017, only 120,821 sets of contracts were signed and transaction volume decreased by 52.6%.

As for new commercial housing, only 23,388 sets were sold, a decline of 48.7%, and the lowest transaction volume ever.

Meanwhile, the price of second-hand housing in various districts in Beijing fell by 8% to 30%.

Since March 2017, Beijing has continuously raised the threshold of purchasing houses in the city, including increasing the ratio of the down payment for a second purchase, requiring a tax payment record of 60 consecutive months for non-locals and launching purchase limits.

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