Shanghai housing authorities have denied reports that they're considering new restrictions¹ on buying homes, saying they will be sticking to the existing rules to ensure the stability of the market, according to Shanghai municiple government's official Weibo account.

 

上海市政府官方微博表示，上海房管局不会对买房做出新限制，将依据现有政策保证房产市场稳定。

 

The local housing construction commission was forced to make the announcement following a spate² of panic buying in Shanghai over the past week. 

 

There has been a run on new homes in Shanghai amid reports the local government was considering new steps to try to cool the market.

 

This led to a 90 percent increase in new home sales in the past seven days, with buyers paying an average of 65-hundred US dollars a square meter, which is over 5.5-percent more than they would have paid the week before.

 

Analysts³ believe it's right to respond quickly to dispel⁴ such rumours⁵ and calm the market, although it doesn't rule out the possibility that the local government would publish new policies in the future.

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