On Friday, Beijing introduced rules limiting families to the purchase of one new apartment in a further bid to squash rampant speculation in its property sector. Banks have also been directed to refuse home loans to applicants who cannot prove they have paid taxes and contributed to social security for at least one year in Beijing.
According to an AAP article, the average price for a 90 square metre apartment at the Beijing Real Estate Expo was 1.9 million yuan. The average per capita income was 17,175 yuan in 2009, making the average new apartment 110x income.
» Beijing limits buyers to one apartment – Yahoo, 1st May 2010.