Nanjing's new property policy has been put in place last Friday. Several new residential projects started selling.

The most expensive one is priced at 18 thousand yuan per square meters. But it did not scare away buyers. 80 percent of houses are booked out. On Saturday and Sunday, around 500 units were sold.

According to the new policy, the contract tax was kept at a low level of 1% and there are only moderate adjustment over sales tax. Besides that, the local government will offer subsidies equivalent to 0.5 percent of the property price.

But the new policy did cool down the buying spree before preferential policies expire at the year-end. Sales of second-hand homes dropped by nearly half during the weekend.