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City to keep one home purchase in 2011 policy
By Pan Xiaoyi |
January 4, 2011, Tuesday
|
Print Edition
Print Edition
SEVERAL major Chinese cities, including Shanghai, Beijing, Guangzhou, Xiamen and Fuzhou, will keep a policy that restricts a family to buying just one home this year in a bid to forestall a rebound in property prices.
But the market is not sure how long the policy, which applies to both new and existing homes, will last. The Shanghai housing administration bureau was not available for comment yesterday.
China Business News yesterday cited housing officials from the cities as saying they have no plans to cancel the policy.
??We will strictly enforce the policy this year,íí an official from Shenzhen Urban Planning Land and Resources Commission was quoted as saying.
The policy, along with other harsh measures, including limited mortgages and more taxes, have hit housing transactions but have done little to cut home prices. Some analysts are concerned the market may rebound if the policies were to be phased out.
??The measures to restrict home purchases cannot be sustained and may even lead to a rebound in housing prices,íí said Li Xiaodong, vice chairman of China Real Estate Chamber of Commerce.
Urban property prices in China rose for the 18th consecutive month in November. Across the country, prices of new and existing homes jumped 9.3 percent and 5.6 percent in November from a year earlier, said the National Bureau of Statistics.
In Shanghai, they rose 2.3 percent and 4.4 percent respectively. The average price of new apartments was 21,278 yuan per square meter in November, the highest in the city so far.
Analysts attributed the high property prices to tight supplies and called for more land and affordable home supplies.
In December, Shanghai Housing Support and Building Administration Bureau said in 2011 it plans to build 15 million square meters of affordable homes, which include budget homes, houses built for relocated residents and public housing units for rental. This is a jump of 25 percent from 2010 levels.
But the market is not sure how long the policy, which applies to both new and existing homes, will last. The Shanghai housing administration bureau was not available for comment yesterday.
China Business News yesterday cited housing officials from the cities as saying they have no plans to cancel the policy.
??We will strictly enforce the policy this year,íí an official from Shenzhen Urban Planning Land and Resources Commission was quoted as saying.
The policy, along with other harsh measures, including limited mortgages and more taxes, have hit housing transactions but have done little to cut home prices. Some analysts are concerned the market may rebound if the policies were to be phased out.
??The measures to restrict home purchases cannot be sustained and may even lead to a rebound in housing prices,íí said Li Xiaodong, vice chairman of China Real Estate Chamber of Commerce.
Urban property prices in China rose for the 18th consecutive month in November. Across the country, prices of new and existing homes jumped 9.3 percent and 5.6 percent in November from a year earlier, said the National Bureau of Statistics.
In Shanghai, they rose 2.3 percent and 4.4 percent respectively. The average price of new apartments was 21,278 yuan per square meter in November, the highest in the city so far.
Analysts attributed the high property prices to tight supplies and called for more land and affordable home supplies.
In December, Shanghai Housing Support and Building Administration Bureau said in 2011 it plans to build 15 million square meters of affordable homes, which include budget homes, houses built for relocated residents and public housing units for rental. This is a jump of 25 percent from 2010 levels.
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