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Measures may soothe home seekers
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BEIJING’S latest move to accelerate measures to curb the rise in housing price may soothe the growing frustration of home seekers who are discontented with record-high housing prices, industry analysts said.
“Most of the seven measures introduced on Wednesday by the capital city government are repetitive and reiterates existing policies, except for the launch of a new category of housing for the middle-income,” said Jack Wang, senior director, sales agency, RET Property Consultants.
“In near term, increasing the supply of homes for the middle-income will help stabilize home prices to some extent as it offers new options to people who can neither afford commodity housing nor qualified for affordable housing,” he said.
“But in longer run, I don’t expect it to be a sustainable policy as it doesn’t tackle fundamental problems such as insufficient land supply and low cost of owning a property,” he added.
Beijing will release land for 70,000 homes that are targeted at middle-income families this year and in 2014. The homes, the majority of which should be no larger than 90 square meters, will be 30 percent cheaper than commodity housing, the city’s housing authority said on Wednesday.
But Lu Qilin, a researcher with Shanghai Deovolente Realty Co, expressed his concerns over the real influence of the new policies.
“Beijing’s latest move did help send some signals to home seekers that the government will not refrain from its promise to cool the market which is turning red-hot,” Lu said. “However, since it may probably take two to three years to finally see the houses come onto the market, it’s a little bit early to say how they (the policies) will affect the market.”
Robust demand from end-users nationwide, especially in first-tier cities, has lifted home prices over the past year.
In Shanghai, new home sales rose to the highest in four years, a Deovolente report yesterday showed. As of Wednesday, sales of new homes, excluding government-subsidized affordable housing, exceeded 10 million square meters, up from 9.71 million square meters, 7.3 million square meters and 9.38 million square meters registered, respectively, between 2010 and 2012.
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