From Time Asia:
Could this spell the end to the likes of Beijing Yosemite and Chateau Regalia? In an attempt to curb China’s property boom and address the imbalance between rich and poor, the Ministry of Land and Resources last week halted the allocation of land for luxury villas. Property rates in Shanghai”China’s frothiest market”have tripled in the past five years as buyers snap up units in oddly named, lavishly priced complexes. But land-ministry officials admit the availability of low-cost housing has been neglected. “The country cannot afford construction of large villas to meet the demand of a few high-end customers while sacrificing the interests of the majority,” vice director Shu Kexin told the state-run China Daily. [Full text]
See also a Reuters report about the new regulations aimed at both deflating China’s property bubble and increasing housing available for low and middle-income residents.