An exclusive real estate agency is promoting an even more exclusive sales team following its official launch on Tuesday.
Beijing's housing market has fallen sharply, hitting a record low last week, with industry experts warning that sales of homes are expected to go down even further.
Home prices in 70 large and medium-sized Chinese cities rose by 12.4 percent year-on-year in May, the National Bureau of Statistics (NBS) said in a statement Thursday.
China Vanke Co, the country's largest property developer by market value, announced on Sunday that its sales revenue in May decreased 20.2 percent from a year earlier amid the government's tightening moves.
The latest government policy to tighten second-home purchases is expected to further cool the housing market, but experts said it might be difficult to implement due to the independence of the country's housing registration and banking systems.
It's not yet time for China to reduce or stop policy support for the nation's real estate industry, said Li Fuan, an official with the China Banking Regulatory Commission.
Experts predict considerable drop in prices in months to come
Commercial banks in Beijing took a further step in tightening home mortgage loans and stopped lending to third-home purchasers, the Beijing Times reported Friday.
China set minimum rates for pre-paid land taxes with higher rates for eastern regions and lower rates for western regions, the State Administration of Taxation said in a statement on its website.
China Vanke Co Ltd, the country's largest property developer, is still actively seeking land parcels despite recent market tightening policies, the company's top management said on Thursday.
China Vanke Co, the nation's leading developer, said it will not set a united pricing strategy or make any guidelines for price cuts in response to the market rumors that the developer is preparing for a nationwide reduction in June, China Business News reported.
China's central government is considering selecting two cities from Hunan and Hubei provinces, respectively, for a pilot program for property tax collection on commercial real estate, China Securities Journal reported recently.
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