Beijing's announcement that it will grant less residence permits (hukou) to college students this year has boosted the price of the permits on the black market, Beijing Evening News reports.

The city announced on May 17 that this year's quota will be less than two thirds of last year's. In response to the policy tightening, the black market price soared to 160,000 yuan, rising 30,000 to 40,000 yuan in just a few months.

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