I have just come back from a short visit to China. The cooling measure there is unbelievable:
1) If you are not the resident of the city, you simply cannot buy property for that city;
2) Even if you are the resident of the city, for 2nd property, you can only make 50% loan. When asked for a bank, they simply replied their loan quota has been used up. So no loan for 2nd property;
3) In resale market, it is almost impossible to get loan even for 1st property if the property is 10 years old (that is 60 years lease left).
Have the price of the property in China drop? Surprisingly not many people selling. Those holding multiple properties are fully paid up. The price "drop" is mainly because new properties are in more remote area (1.5 hr by train rather than 1 hr by train.)
I was shocked by Singapore government CM5 before I visited China. But now, when we benchmark on an international level, CM6 is still possible:
CREDIT will be made less available for non-Singaporeans.
Thanks,
Richard