Key Asian economies fearing a US-style housing market bubble are taking fresh measures to curb runaway property prices as the region leads the global rebound from recession.
China is also trying to rein in buyer exuberance by tightening credit and imposing other regulations that make it tougher to buy and sell property. Beijing has tightened restrictions on advance sales of new developments, introduced curbs on loans for third home purchases and raised minimum downpayments for second homes.
Singapore's latest measures are aimed largely at buyers who have at least one outstanding mortgage.The minimum cash downpayment was raised from five to 10 percent of valuation, while the maximum amount a bank can lend was capped at 70 percent, down from 80 percent.
The balance can be taken from a buyer's pension fund."This round of tightening appears to be the most draconian," said CIMB bank analyst Donald Chua
Malaysia... higher interest rate? higher property tax?? maximum 80% loan ???
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