Tianjin vows to fight property speculation

FE Team | Published: June 06, 2018 01:02:27

BEIJING, June 05 (Reuters): China's growth-starved city of Tianjin said on Tuesday it will increase scrutiny of home buyers and their eligibility.
The move is seen by some critics that the city is hitting back at criticism it was skirting curbs in place to fend off property speculators.
Tianjin, just 30 minutes southeast of the capital Beijing by high-speed train, has seen a sharp decline in real estate transactions due to restrictive policies drawn up to keep speculators at bay.
Despite a burgeoning high-tech industry, economic growth has slumped.
Tianjin's $290 billion economy - bigger than Vietnam's - expanded just 1.9 per cent in the first quarter of this year, the worst among all of provincial-level regions.
Last month, the local government followed in the footsteps of tens of other Chinese cities when it relaxed residency requirements, allowing out-of-towners permits to live and purchase property in Tianjin.