Chinese stocks suffered their sharpest drop in almost eight months yesterday after the government took some of its toughest steps yet to crack down on property speculation.
Over the weekend, the State Council told banks to stop loans for third-home purchases in regions with excessive property price gains and to deny mortgages to homebuyers who cannot provide proof of local residence.
Local governments have also been given discretion to limit the number of homes that can be bought within a certain period.
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