China’s economic slowdown means that some cities may tighten property curbs in order to cap home price gains below income growth, Bloomberg reported. Hangzhou, the capital city of Zhejiang province, will tighten approvals of pre-sale permits in the second half and may raise down payments for second homes to make sure its price-control target is met, according to a July 27 report by the Today Morning Express, a newspaper affiliated with the provincial government. First-tier cities such as Beijing, Shenzhen and Guangzhou have already been rejecting pre-sale permits for projects whose target selling prices are deemed too high by local officials.
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