Chinese housing policy gets crazy

The unintended consequences of this policy will be many. Already, one consequence is increased anger expressed on the Internet.
Internet outrage over Beijing property rules

Beijing's new policy requiring non-residents to have paid city taxes for five years before they can buy a home in the capital has sparked angry criticism on the internet.

The rule, announced on Wednesday, comes on the heels of a call by the State Council to cool the overheated property market and is the toughest measure yet.

But it is being criticised on the internet for being unfair, even by those who claim not to be Beijing residents. Non-residents are believed to account for 50 to 60 per cent of the capital's transactions, according to property agents.

"This is city protectionism," a chat-room contributor from Hebei said. "Why should non-Beijing residents be required to pay tax for five years before they can buy a home? Outrage!"

His complaint was supported by a contributor from Tianjin.

Another contributor said: "After five years, home prices will increase to a level that they cannot afford."

One complainant said: "This is not aimed at curbing property [prices]. It is aimed to elbow out non-Beijingers."

There has been a lot of anger about housing lately. This policy comes on the heels of a change to housing statistics, which the public suspects is designed to hide property inflation.

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