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China determined to keep tight policies to cool property market
Source: Xinhua |
June 6, 2012, Wednesday
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Print Edition
Print Edition
CHINA will stick to property cooling measures, especially the differentiated credit and tax policies, as well as curbs on buying second or third homes in some cities, said a government official.
The property market is developing in the direction envisaged by the macro adjustment and control policies, with home prices falling in some cities since last year, said an official of the Ministry of Housing and Urban-Rural Development yesterday.
"In the first five months, the property market extended a tightening-induced correction," said the anonymous official, adding the ministry would require relevant city governments to rigorously implement cooling policies to curb speculative purchases.
He also said the authorities will take measures to increase market supplies, properly handle disputes caused by price declines and increase affordable housing for low-income earners.
The government plans to build over 7 million affordable houses this year.
China started adopting tough measures to cool property prices in 2010. They have included tighter lending policies, higher down payments, a ban on third-home purchases, property tax trials and the construction of low-income housing.
Just when the country's prospective homeowners were beginning to expect wider price drops, intermittent easing policies at the local level - for example, a reimbursement policy for new home buyers in Yangzhou - fueled widespread predictions of loosening controls nationwide.
Referring to the easing policies, the official said the ministry will keep a close look over local authorities and instantly set about remedying improper policies.
The government has repeatedly stated that the country will keep property policies without wavering, even after economic growth slowed to a near three-year low of 8.1 percent in the first quarter of 2012.
The property market is developing in the direction envisaged by the macro adjustment and control policies, with home prices falling in some cities since last year, said an official of the Ministry of Housing and Urban-Rural Development yesterday.
"In the first five months, the property market extended a tightening-induced correction," said the anonymous official, adding the ministry would require relevant city governments to rigorously implement cooling policies to curb speculative purchases.
He also said the authorities will take measures to increase market supplies, properly handle disputes caused by price declines and increase affordable housing for low-income earners.
The government plans to build over 7 million affordable houses this year.
China started adopting tough measures to cool property prices in 2010. They have included tighter lending policies, higher down payments, a ban on third-home purchases, property tax trials and the construction of low-income housing.
Just when the country's prospective homeowners were beginning to expect wider price drops, intermittent easing policies at the local level - for example, a reimbursement policy for new home buyers in Yangzhou - fueled widespread predictions of loosening controls nationwide.
Referring to the easing policies, the official said the ministry will keep a close look over local authorities and instantly set about remedying improper policies.
The government has repeatedly stated that the country will keep property policies without wavering, even after economic growth slowed to a near three-year low of 8.1 percent in the first quarter of 2012.
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