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Friday, May 7, 2010

China plans new curb on developers

BEIJING: China is drawing up a new curb on property developers as part of a host of measures to cool the country’s red-hot property market, the state-controlled China Securities Journal reported yesterday.

The plan would ban developers from investing revenue from pre-sales of uncompleted property developments in new projects, it said, citing an unnamed source close to the Housing and Urban-Rural Development Ministry.

By Reuters

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