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Official: Curb needed as home prices still high
By Cherry Cao |
May 4, 2012, Friday
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Online Edition
Online Edition
HOME prices in Shanghai remain high if household income is taken into account and the government policy to limit the number of homes a family can buy is still needed, the city's housing authority said today.
The municipal government is working on an alternative policy that can effectively curb housing speculation, said Liu Haishen, director of the Municipal Housing Support and Building Administration. The new policy will include tax measures, mortgage measures and a property tax, Liu said without elaborating.
"When to lift the home purchase restriction depends on when home prices fall to a comparatively reasonable level," Liu said. "At present, even families with medium and high income find the prices too expensive."
After two years of implementing the policies to cool down an overheated housing market, prices of both new and existing homes stabilized in Shanghai last year, Liu said.
The restrictions that every Shanghai family can buy only two residential units and every non-local family can buy only one unit were introduced in January 2011.
The municipal government is working on an alternative policy that can effectively curb housing speculation, said Liu Haishen, director of the Municipal Housing Support and Building Administration. The new policy will include tax measures, mortgage measures and a property tax, Liu said without elaborating.
"When to lift the home purchase restriction depends on when home prices fall to a comparatively reasonable level," Liu said. "At present, even families with medium and high income find the prices too expensive."
After two years of implementing the policies to cool down an overheated housing market, prices of both new and existing homes stabilized in Shanghai last year, Liu said.
The restrictions that every Shanghai family can buy only two residential units and every non-local family can buy only one unit were introduced in January 2011.
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