Shanghai has banned the purchase of more than one house per family

Shanghai - China's largest city, Shanghai, has temporarily banned the purchase of more than one house per family. This move is part of an effort to curb the rise in real estate prices in the country. A similar measure has already been implemented by China's capital, Beijing.
    Many Chinese families are purchasing properties in the hope of seeing their money appreciate better than it would in bank accounts, which currently offer only low interest rates. Home prices in 70 large Chinese cities rose by more than nine percent year-on-year in August, according to the AP agency.
    The Chinese government has already introduced a number of measures this year to limit the rise in real estate prices, which is causing an imbalance in the economy and poses a potential threat to social stability.
    The government is now, for instance, testing a tax on residential properties in selected cities. Its goal is to implement such a tax nationwide. According to them, this will lead to a fairer distribution of wealth and more efficient land use.