China Markets Dive on Housing Measures

Beijing’s imposition of new cooling measures for home prices has apparently put a big damper on real estate and construction shares. China’s Shanghai Composite Index CN:000001 -3.65% dipped 3.7%, the worst such fall since way back in 2011. Hit particularly hard, the Hong Kong listings were slammed by China’s cabinet imposing bigger down payments and mortgage rates on some homes. A big capital gains tax on existing homes sales went further in dampening the market.

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