The government of Shanghai has implemented a new property measure, limiting homebuyers to acquire only one apartment unit, and will impose revised land appreciation tax as part of their move to curb property prices, said a local media reporter.
According to the new rule, every family living in Shanghai will only be permitted to acquire one more home, regardless of whether it is a newly built or a resale apartment.
The new rule, which has been implemented on Thursday, came six months after Beijing implemented similar measures, and it is still unclear how long the new rules would stay.
Shanghai said it would also implement a 5 percent land-appreciation tax on property developers if the average unit price of their projects was more than twice of units sold in the same area last year.
Additionally, the city of Shenzhen earlier said that homeowners who own two or more housing units would be prohibited from acquiring any additional homes.