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Bloomberg

Tokyo Ward Seeks to Curb Condo Resales Amid Soaring Prices

Soaring property prices in Tokyo have prompted a rare intervention by one of the city's central wards, as local officials seek to cool the market by reining in resales. Chiyoda City, home to Tokyo's financial district and parliament, asked real estate developers to implement restrictions that include banning the resale of condominiums for five years after purchase, according to a statement dated Friday. The municipal government also asked that buyers be prohibited from acquiring multiple units within the same property.