City tightens grip on price hike of new homes

The municipal government of Nanjing recently required local developers to cap price hikes of new residential projects on pre-sale, sources said.

To meet local government's goal of taming soaring property prices, the Nanjing government has set a 3 to 5 percent price hike limit on new residential projects compared with nearby properties, an official named Wang from the Nanjing Price Control Administration was quoted as saying by 163.com on Wednesday.

The capital city of Jiangsu province announced its home-price control targets for 2013 on March 31. The goal is to rein in the price increases of the city's new residential properties below the city’s per capita disposable-income growth, or 10 percent.