China tightens real estate policies in 2nd/3rd tier cities

According to the data provided by China's National Bureau of Statistics, in June, the average new commercial and residential housing price index of the 39 cities which have implemented the Chinese government's house purchase restriction policy was up 4.23 percent, while that of the other 31 cities that have not carried out the restriction policy registered an average year-on-year increase of 4.66 percent. This represents that the policy did play an important role in controlling house prices.
 
As a result, Chinese Ministry of Housing and Urban-Rural Development is drafting up the second and third tier city list for the new house purchase restriction policy.