Shanghai’s local authorities have introduced some of the most draconian policies in years to curb speculation in residential real estate, including rules to define property rights among estranged couples in the nation’s costliest housing market.Divorced homebuyers will no longer be considered first-time buyers for a period of three years if they had owned a property during their marriage, according to a notice by the Shanghai Housing Bureau. That means the buyer will need to put more money up…


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