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| File photo of the downtown area of Tongzhou, Beijing's new administrative center. [Photo: ynet.com] |
Authorities in Beijing have ordered the restriction of home purchases in the capital city's new administrative center to curb housing speculation.
Housing prices have been rising in Tongzhou after Beijing announced earlier that it would move some of its city administration from downtown to the eastern district.
Under the new regulation, local-registered residents who own one house but do not have a household registered in Tongzhou are banned from buying a second home there.
Meanwhile, for those who do not have Beijing residency permits, they will have to pay at least three years social insurance in Tongzhou to be able to buy a house.
The construction of the new administrative center is part of Beijing's plan to deal with its "urban ills", such as traffic congestion.
The move is also aimed to implement the integrated development
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