We would never do something like that here because Wall Street runs policy and we have been propagandized into believing that the markets need to be left alone and "free." What a joke. Meanwhile, we see massive speculation in food and fuel, driving up the costs for everyone. It's gonna end very badly.
|"...in February, the State Council raised the minimum down payment for purchases of second homes to 60 per cent, up from 50 per cent, and urged local governments to set price targets and cap the number of homes residents are permitted to own.|
As a result, in Beijing, legally registered residents are now no longer permitted to buy more than two homes, while those without Beijing registration cannot buy property at all unless they can prove they have paid taxes there for five years.
In Shanghai, those without residency documents must pay taxes in the city for a year, and all second-time purchasers will now be subject to a new real-estate tax aimed at financing the building of affordable housing.
“We can see that the government is sending a strong message - houses should return to their basics, which is to be as a shelter by function, and not a vehicle for speculation,” said Andy Zhang, managing director of the China operations for global real estate brokers Cushman & Wakefield."
Chinese officials are not shy when it comes to stopping the speculators. Too bad we don't have that here. It might have helped to deflate the housing bubble before it caused such a crisis.