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The recent boom in the Chinese real estate market has led to concerns that China may carry “real estate bubble”. To address this issue, the State Council has endorsed the Notice jointly issued by the nine ministries on 24 May 2006 (Guobanfa [2006] No. 37) to curb housing development and regain control of soaring property prices. The Notice, which became effective on 1 June 2006, imposes control over fiscal, monetary and land supply policies, by imposing higher taxes, higher minimum deposits, and introducing restrictions on lending and the size of flats to be constructed.
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