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Affordable homes set to climb
By Feng Jianmin |
December 24, 2011, Saturday
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Print Edition
Print Edition
CHINA will complete the construction of more affordable housing units next year and will support citizens' "reasonable" demand for new homes by prioritizing loans to first-home buyers, the housing ministry said yesterday.
China plans to begin constructing or renovating at least 7 million housing units for low-income groups next year, Minister of Housing and Urban-Rural Development Jiang Weixin told a national meeting yesterday.
The planned figure is lower than this year's 10 million units, whose construction had all started by the end of October, the ministry said earlier.
The total number of affordable housing units under construction this year has exceeded 15 million, as only 330,000 homes of the 5.9 million units started in 2010 have been completed so far this year.
But Jiang said more units should be completed next year than this year as construction should be finished on 5 million housing units in 2012.
The affordable housing project, along with purchase curbs and tougher rules on down payment and mortgage rates, is part of China's efforts to combat soaring home prices in the past two years.
The latest data released by the National Bureau of Statistics showed the national campaign to combat soaring house prices was now at a critical stage with both prices and transactions dropping.
Last month, 49 of 70 major cities reported monthly falls in new home prices, against 17 in September and 34 in October, the bureau said.
In the first 11 months of this year, new home sales, excluding government-funded affordable housing, rose 7.5 percent from a year ago to 800 million square meters across the country, a drop from an annual growth of 9 percent recorded between January and October, according to latest research released by the China Index Academy.
But amid the tight regulatory outlook, Jiang pledged that Chinese people's reasonable demand for homes will be supported with differentiated mortgage and tax policies, and priority will be given to meeting the first-time buyers' need for loans.
China plans to begin constructing or renovating at least 7 million housing units for low-income groups next year, Minister of Housing and Urban-Rural Development Jiang Weixin told a national meeting yesterday.
The planned figure is lower than this year's 10 million units, whose construction had all started by the end of October, the ministry said earlier.
The total number of affordable housing units under construction this year has exceeded 15 million, as only 330,000 homes of the 5.9 million units started in 2010 have been completed so far this year.
But Jiang said more units should be completed next year than this year as construction should be finished on 5 million housing units in 2012.
The affordable housing project, along with purchase curbs and tougher rules on down payment and mortgage rates, is part of China's efforts to combat soaring home prices in the past two years.
The latest data released by the National Bureau of Statistics showed the national campaign to combat soaring house prices was now at a critical stage with both prices and transactions dropping.
Last month, 49 of 70 major cities reported monthly falls in new home prices, against 17 in September and 34 in October, the bureau said.
In the first 11 months of this year, new home sales, excluding government-funded affordable housing, rose 7.5 percent from a year ago to 800 million square meters across the country, a drop from an annual growth of 9 percent recorded between January and October, according to latest research released by the China Index Academy.
But amid the tight regulatory outlook, Jiang pledged that Chinese people's reasonable demand for homes will be supported with differentiated mortgage and tax policies, and priority will be given to meeting the first-time buyers' need for loans.
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