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Posted 11:34 pm, 12/03/2018

HANGZHOU, March 29 (Xinhua) -- Authorities in the eastern cities of Hangzhou, Xiamen and Fuzhou are set to roll out more measures to restrict housing purchases and cool the property market.

Hangzhou announced that starting Wednesday, single adults, including those who are divorced, who have a local "hukou" (permanent residence permits) and own at least one house, will not be permitted to buy new apartments in the city's urban area.

The property that business enterprises have purchased will not be tradable within the first three years. In addition, people who hold a hukou registered in the restriction areas must show evidence of living there for more than two years to buy property.

The minimum down payment for second homes will be raised to 60 percent. Those who have no home in Hangzhou but have a housing-loan record will be classed as second home buyers.

Purchase restrictions have also been introduced in Xiamen and Fuzhou.

Xiamen announced that starting Wednesday, those without a local haikou, who cannot provide evidence of paying 36 months worth of income tax and social security payments in the last four years, will not be able to buy property that has a floor size of less than 180 square meters.

Fuzhou also raised the minimum down payment to 50 percent for second homes.

From March, dozens of second-tier cities and cities neighboring Beijing and Shanghai have moved to limit housing purchases to cool property markets.

In the first two months of 2017, investment in China's real estate market rose 8.9 percent year on year to more than 985 billion yuan (143 billion U.S. dollars), and housing sales jumped 26 percent from the same period of 2016 to over 1 trillion yuan.


BAKU, July 25 (Xinhua) -- As global infrastructure for China's currency, the yuan, continues to expand, Azerbaijan's Bank VTB said Monday it started to offer the Chinese yuan cash settlement services in the oil rich country.

The bank will provide services such as opening and maintaining of accounts and remittances in the Chinese yuan, the bank said in a statement.

For opening and maintenance of accounts, the commission is not charged, and remittances are offered at favorable rates, it said.

Operations on remittances in the Chinese yuan are carried out only in a non-cash form. The commission for transfer to an account at another bank within the VTB group is 0.5 percent of the transfer amount, said the bank, adding that an urgent transfer costs 200 yuan (30 U.S. dollars).

The move is intended to serve an increasing number of tourists and business contacts between Azerbaijan and China.

A senior official of Bank VTB in Azerbaijan, Yuri Yakovlev, said that as the weight of the yuan on the international market is growing, the interest of Azerbaijani businessmen in the Chinese market is growing as well, encouraging banks to offer the most convenient and favorable conditions of cash settlement services.

""Today Bank VTB is the only bank in the country to offer services in the Chinese yuan,"" he said.

Currently, one Azerbaijani manat is equal to about 4.21 Chinese yuan.


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