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China vows to curb real estate bubble in 2017

CHINA will promote the stable and healthy development of the real estate market in 2017, said a statement issued Friday after the Central Economic Work Conference.

The country will establish a market-oriented and long-term mechanism that can curb a real estate bubble and prevent erratic fluctuations, the statement said.

The government will use land, investment, lawmaking, fiscal and taxation and financial instruments in order to achieve its aim.

"Houses are built to be inhabited, not for speculation," the statement said.

Land supply should be increased reasonably in cities with strong pressure from rising prices, it said.

De-stocking efforts in third- and fourth-tier cities should be stressed.


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