(ECNS) -- The southern Chinese city of Dongguan in Guangdong Province, a key manufacturing hub, has imposed a circuit breaker mechanism to control rising house prices, the latest among a slew of measures in many cities.
According to the policy, once a real estate developer reports the estimated price of new housing units, the price is only allowed to vary within a range of 15 percent.
Online trade systems would automatically halt when the actual trading prices are 15 percent higher or lower than the price previously reported to regulators.
The new policy affects commercial real estate projects that have a permit for presale but do not finish registration before Oct. 20, 2016.
Local authorities vowed to increase cross-departmental coordination and impose stricter supervision to prevent malpractices in housing development and sale.
