BEIJING - The Beijing municipal government released a package of rules on Wednesday to restrict home purchases in the capital and rein in soaring property prices.
The package follows the central government's property tightening measures announced in January to cool the market. Under the rules, non-Beijing residents must have paid their monthly social security contribution or income tax for five consecutive years before they are eligible to buy their first apartment in the city.
The rules also state that people with Beijing residence permits will be limited to two properties, and eligible non-locals will be allowed to buy only one.
Houses are so over rated and who can afford to purchase one or two anyway?