The new policy is the first concrete response from Beijing to growing fears that an unsustainable bubble has formed in the real estate market. Concerns over property bubbles have been voiced by a wide range of commentators in China in recent weeks, including prominent real estate developers.
Residential prices in China's 70 largest cities rose 5.7 per cent in November from a year earlier, accelerating from October's 3.9 per cent year-on-year rise.
Overall prices rose 1.2 per cent month-on-month from October to November.
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