Chinese couples are lining to divorce amid rumours of ownership restrictions on couples

By News Corp Australia Network

According to the Eurasia Review it is the second time there has been a rush to divorce as residents fear married couples will be restricted in what they can own. Photo / Getty Images
According to the Eurasia Review it is the second time there has been a rush to divorce as residents fear married couples will be restricted in what they can own. Photo / Getty Images

It appears love doesn't conquer all in China, well not the property market anyway.

Pictures have emerged of Chinese residents queuing up to file for divorce in Nanjing province following rumours of a tightening of property buying regulations.

With residents worried about married couples having to pay a larger deposit and a limit on how many properties they can own, some have chosen to divorce so they can buy property as two singles instead.

According to the Eurasia Review it is the second time there has been a rush to divorce as residents fear married couples will be restricted in what they can own.

When rumours of married couples having to pay bigger home deposits took off in Shanghai, so did the lines of people wanting to divorce.

Authorities denied the rumours but it was too late as some had already taken matters into their own hands.

The latest rush to divorce has hit Nanjing.

The South China Morning Post reports that many Chinese cities have introduced measures to restrict home purchases with Beijing doing so five years ago.

Buyers there had to make five consecutive years of local social insurance payments to qualify to buy a flat in the capital, it said.

It said Nanjing had now imposed new rules that meant non-permanent residents could not buy new or existing homes if they already owned property in the city.

The latest Global Property Guide revealed demand for property in China was strong. It said China's housing market was the best performer in its global house price survey after the government introduced measures to support the market.

The report said demand in Shanghai was rising strongly.

"In June 2016, the value of Shanghai homes sold rose 22 per cent from a year earlier, after a year on year rise of 32.9 per cent the previous month," it said.

The report said despite a surge in demand in some cities, there was quite a bit of oversupply in other areas.

"Currently, unsold homes are estimated at around 13 million," it said.

- news.com.au

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