The Behavioral Mechanism and Forecasting of Beijing Housing Prices from a Multiscale Perspective

Table 6

Real estate regulations, 2005 to 2017.

Policy direction	Date of release	Main focus of the policy
Tightening	03/26/2005	State 8: the first regulation policy, whose symbolic meaning is greater than practical meaning, in real estate.
	05/29/2006	State 15: an improved and enhanced version of State 8.
	09/27/2007	Increases down payments and interest rates for real estate loans.
Easing	12/17/2008	State 13: decreases down payments and interest rates for real estate loans.
Tightening	12/14/2009	State 4: increases supply of salable land and restrains speculation.
	01/10/2010	State 11: increases down payments and interest rates for real estate loans.
	04/17/2010	New State 10: increases the supply of salable land and strengthen indemnification houses.
	01/26/2011	New State 8: increases down payment on a second home to 60%.
	02/20/2013	New State 5: limits purchases.
Easing	09/30/2014	New mortgage policy: decreases down payments and interest rates for real estate loans.
	03/30/2015	New mortgage policy: decreases down payment on a second home to 40%.
	09/30/2015	New mortgage policy: decreases down payment on a first home to 25%.
Tightening	09/30/2016	Limits loans and purchases in 19 major cities.
	03/17/2017	Further limits on loans and purchases.

Note that the regulation policies on real estate listed here would be revised several times.