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City calls for vigorous implementation of property curbs
By Cherry Cao |
July 27, 2012, Friday
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Online Edition
Online Edition
AUSTERITY measures to rein in housing speculation must be continuously enforced in Shanghai in a vigorous way so as to further consolidate their impact, the local government said today, three days after a State Council, or the Cabinet, notice stated it is sending inspection teams across the country to check how well its housing policies are being implemented at a local level.
Home purchase restrictions as well as differentiated credit and tax policies should be strictly conducted while supply of residential plots – for development of both commercial and affordable housing – should be further increased, according to a notice posted on the website of the Shanghai Housing Support and Building Administration Bureau.
Local inspections will be carried out in the second half of this year to see whether existing property tightening measures are well implemented across the city, with a particular focus on buyers' home-purchase qualifications.
Home buyers who either own a house already or have ever applied for mortgages at commercial banks (no matter the mortgage has been paid off or not) should be treated as second-time buyers, the government reiterated.
More households should be covered by and therefore benefit from the city's affordable housing program, the notice said.
"The notice came just a few days after State Council's announcement and expressed again the local government's determination to curb speculative housing demand and bring down home prices to a reasonable level," said Sky Xue, an analyst at China Real Estate Information Corp. "As a matter of fact, Shanghai has been implementing the measures very strictly so far and the latest notice would help again damp speculations that property curbs may be relaxed to accelerate economic growth."
Home purchase restrictions as well as differentiated credit and tax policies should be strictly conducted while supply of residential plots – for development of both commercial and affordable housing – should be further increased, according to a notice posted on the website of the Shanghai Housing Support and Building Administration Bureau.
Local inspections will be carried out in the second half of this year to see whether existing property tightening measures are well implemented across the city, with a particular focus on buyers' home-purchase qualifications.
Home buyers who either own a house already or have ever applied for mortgages at commercial banks (no matter the mortgage has been paid off or not) should be treated as second-time buyers, the government reiterated.
More households should be covered by and therefore benefit from the city's affordable housing program, the notice said.
"The notice came just a few days after State Council's announcement and expressed again the local government's determination to curb speculative housing demand and bring down home prices to a reasonable level," said Sky Xue, an analyst at China Real Estate Information Corp. "As a matter of fact, Shanghai has been implementing the measures very strictly so far and the latest notice would help again damp speculations that property curbs may be relaxed to accelerate economic growth."
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