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Ministry To Crack Down On Property Speculation
By Cherry Cao |
April 15, 2010, Thursday
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Print Edition
Print Edition
CHINA will continue to increase the supply of ordinary housing and further crack down on price speculation in the property market, the Ministry of Housing and Urban-Rural Development said on its Website yesterday.
Under its plan, 3 million units of low and medium-cost apartments will be built and 2.8 million units in shanty areas renovated this year, while different mortgage and tax polices will be adopted for end-users and speculators, the statement said, citing a phone conference on Tuesday chaired by the minister, Jiang Weixin.
A separate report released by the Ministry of Finance said land sales totaled 1.42 trillion yuan (US$208 billion) in 2009, a rise of 43 percent from 2008. Of that, 18.7 billion yuan had been allocated for low-rent housing.
Under its plan, 3 million units of low and medium-cost apartments will be built and 2.8 million units in shanty areas renovated this year, while different mortgage and tax polices will be adopted for end-users and speculators, the statement said, citing a phone conference on Tuesday chaired by the minister, Jiang Weixin.
A separate report released by the Ministry of Finance said land sales totaled 1.42 trillion yuan (US$208 billion) in 2009, a rise of 43 percent from 2008. Of that, 18.7 billion yuan had been allocated for low-rent housing.
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