{"id":3165,"date":"2019-05-28T10:37:29","date_gmt":"2019-05-28T10:37:29","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=3165"},"modified":"2021-06-04T14:26:14","modified_gmt":"2021-06-04T07:26:14","slug":"this-city-near-shanghai-will-cap-home-price-rises","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/this-city-near-shanghai-will-cap-home-price-rises\/","title":{"rendered":"This city near Shanghai will cap home price rises"},"content":{"rendered":"

The \u2018Venice of China\u2019 is seeing incendiary appreciation rates<\/p>\n

\"\"
The ‘east gate’ of Suzhou. ZDL\/Shutterstock<\/figcaption><\/figure>\n

The government of Suzhou, a tier-two city close to Shanghai, will limit increases in annual new home prices this year, the South China Morning Post<\/a> reported, citing a report published Monday in the state-run publication Paper.<\/p>\n

In a meeting with developers Friday, Suzhou housing authorities proposed restricting the increases to five percent, with \u201cfresh curbs\u201d to be implemented in July if key gauges fail to cool, the Post noted.<\/p>\n

For perspective, the average new home price in Suzhou stood at CNY22,160 (USD3,259) per square metre in May: a year-on-year increase of 8.45 percent, according to the consultancy CRIC.<\/p>\n

More: Why China is dithering on a national property tax<\/strong><\/a><\/p>\n

Home to 10.7 million, the so-called \u2018Venice of China\u2019 has seen its property market heat up due to a strengthened market sentiment and low mortgage rates.<\/p>\n

Suzhou\u2019s proximity and improved connectivity to Shanghai \u2014 Kunshan county in Suzhou is now connected to Shanghai\u2019s metro network \u2014 have been an impetus for immigration, noted Zhang Antao, an agent with Suzhou-based housing brokerage Deyou.<\/p>\n

\u201cMany buyers flocked to the market to buy a second home after news that land parcels were being auctioned at large premiums. They bought their first home three to four years ago, and have seen their values spiralling up, and wanted to repeat the success,\u201d said Ge Wenwen, a Suzhou-based analyst with CRIC.<\/p>\n

A manufacturing hub, Suzhou hosts many electronics and tech companies from Japan, Singapore and Taiwan.<\/p>\n","protected":false},"excerpt":{"rendered":"

The \u2018Venice of China\u2019 is seeing incendiary appreciation rates<\/p>\n","protected":false},"author":8,"featured_media":20086,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92],"tags":[137,165,233,255],"class_list":["post-3165","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-china","tag-cooling-measures","tag-shanghai","tag-suzhou","news_country-china","news_author-property-report"],"acf":[],"yoast_head":"\nThis city near Shanghai will cap home price rises | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.asiapropertyawards.com\/en\/this-city-near-shanghai-will-cap-home-price-rises\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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