China's new anti-flipping strategy: homes 'designated only for residential needs'

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With speculators pushing up the price of homes in Beijing, the government plans to build 20,000 units of low-cost housing that come with some strings attached — they can’t be resold for five years, and after that the government will take a 30 percent cut of the profit on resales.

The government will hold a lottery to designate who has the right to buy this “new type of affordable housing … designated only for residential needs,” The Global Times reports. Source: globaltimes.cn