国际英语新闻：Pre-sales targeted in latest rule to curb China's property market

BEIJING, April 20 (Xinhua) -- China's government tightened its squeeze on the property market Tuesday, restricting pre-sales by developers, in a further measure to curb soaring property prices.

Developers were no longer permitted to receive downpayments for unfinished properties unless they have obtained government approval for pre-sales, the Ministry of Housing and Urban-Rural Development said in a statement issued on its website Tuesday.

The ministry also ordered developers to publish prices of each unit within 10 days of receiving approval for pre-sales.

The regulation was enacted to prevent developers hoarding property illegally to push up prices, the ministry said, adding it would punish developers that violated the rules.

The government unveiled a series of measures last week to rein in soaring prices, which rose 11.7 percent year on year in March in China's 70 large and medium-sized cities, the highest growth since July 2005.

The measures included steeper downpayments and increasing land supply. The government also said over the weekend that banks were allowed to refuse loans for third home purchases.