Authorities including the central bank, the China Banking Regulatory Commission and the China Securities Regulatory Commission aim to tighten control on speculative real-estate investments and money involved in land transactions, said the people, who asked not to be identified because the information isn’t public. The people didn’t provide further details.
The Hang Seng Properties Index slumped 3 percent as of 2:50 p.m. in Hong Kong, the biggest intraday drop in a month. China Resources Land Ltd. fell 4.1 percent and New World Development Co. dropped 3.8 percent.
The plan comes after the central bank governor highlighted concerns about escalating home prices, and local governments rolled out a raft of tougher curbs during a week-long holiday. Authorities in at least 21 cities have introduced home-buying curbs in recent weeks, ranging from raising down-payments for first and second homes, to ruling some potential buyers ineligible.