Beijing enacts new law to cool property market

The new rules ban Beijing families who own two or more apartments and non-Beijing registered families who own one or more apartment from buying more homes. — File Photo

BEIJING: Beijing Municipal Government Wednesday issued new rules limiting the number of homes each family can buy as the government rein in to cool the property market.

The new rules ban Beijing families who own two or more apartments and non-Beijing registered families who own one or more apartment from buying more homes.

Non-Beijing registered families who have no residence permit or documents certifying that members of the family have been paying social security or income tax for five straight years are also banned from buying apartments.