The story of how two companies set prices for their costly new drugs suggests that the way we determine the value of such treatments will help decide the future of our health-care system.
Chinese property stocks rally on planned income tax breaks 19 Sep Xian, the ancient Chinese capital home to the world famous Terracotta Warriors, has tightened its property purchase controls four times in nine months as it struggles to rein in skyrocketing prices.
The latest was on September 13, when the north western city, home to 8. Xian residents are not allowed to buy a third home and non-locals are restricted from buying a second home.
New homes are forbidden to be resold within five years, as stipulated by restrictions announced in June. The homes now are selling at 9, yuan per square metre, compared to no more than 5, yuan per sq m a year ago, according to Su.
Compared to the spectacular home price rally in most mainland coastal cities last year, the property market in inland Xian had been quiet until the end of last year when the boom on the coast came to an end. After Beijing encouraged smaller and inland cities to cut property inventory, investors looked to cities like Xian as their next battleground.
The effect is that it takes much longer for developers to recover funds, so now only the big developers can withstand it Su Yifei, sales manager with Yanggo City However, Su said the most intimidating policy was not the eligibility restrictions, the limit on number of homes bought or the five-year resale ban — it was the mortgage policy.
Xian banks have tightened scrutiny on anyone applying for a mortgage, effectively banning lending to all non-local home buyers, while the period of time from mortgage application to receiving the loan money has been extended significantly.
Monthly sales transactions in Xian peaked in April at 3 million sq m, according to CRIC data, and declined to a historic low ofsq m in July before rebounding to 1.
Looking ahead, Zhu said prices are unlikely to fall and there is even room for further growth, albeit at a slower pace. Unlike in first-tier cities where hukou is extremely difficult to obtain, people under 35 with a college degree can apply for a Xian hukou more easily, according to analysts.
In the past out-of-towners could also make a one off payment for two years of local social insurance to become eligible to buy a home in the city, instead of paying it over 24 consecutive months. But this practice is no longer feasible under tighter government restrictions, local agents said.
The six other provincial capitals that rolled out stricter policies in September, including Chongqing, Changsha, Guiyang and Shijiazhuang, faced a similar conundrum to Xian. Lower prices and an easier mortgage and purchase environment led to an influx of investors from richer regions, while surging prices prompted local resident to buy sooner than they had anticipated.
This article appeared in the South China Morning Post print edition as: Restrictions slow to have impact on Xian market business-article-page.Compared to five years ago, the price of imported pepper has soared by nearly per cent, according to market research firm Mintec.
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