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Property curbs to remain in force
By Cherry Cao |
July 21, 2012, Saturday
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Print Edition
Print Edition
A NOTICE issued by the country's land and housing authorities requiring local governments to maintain property market curbs will help damp speculation and stabilize the market in the second half of this year, industry analysts said.
China won't relax its property tightening measures and local governments around the country should continue to implement them strictly to prevent a price rebound, the Ministry of Land and Resources and the Ministry of Housing and Urban-Rural Development said in a joint notice, which was posted yesterday on the land ministry's website.
"By issuing the notice now, the central government is reiterating its resolve to rein in property speculation as there has been growing concern the market will turn hot again after momentum had picked up notably over the past few months," said Huang Hetao, research manager at Century 21 China Real Estate.
"The country's fight against property bubbles is at a critical stage, and the latest notice will help cool down public concern and help stabilize the market for the rest of the year."
The notice just came after official data showed the country's property market is showing signs of rebounding even though Premier Wen Jiabao and other senior government officials have repeatedly said the central government would stick to rein-in policies.
In June, new home sales, excluding government-funded affordable housing, jumped 41 percent from May to 531.3 billion yuan (US$84.2 billion) across the country while the number of cities seeing a month-on-month increase in home prices also rose to its highest in 11 months, according to data released by the National Bureau of Statistics.
"Market momentum has been picking up around the country since March," said Song Huiyong, research director at Shanghai Centaline Property Consultants Ltd. "We believe it was necessary to issue such a notice at this critical moment, and we expect the market to cool down if the central government sticks to its pledge."
China won't relax its property tightening measures and local governments around the country should continue to implement them strictly to prevent a price rebound, the Ministry of Land and Resources and the Ministry of Housing and Urban-Rural Development said in a joint notice, which was posted yesterday on the land ministry's website.
"By issuing the notice now, the central government is reiterating its resolve to rein in property speculation as there has been growing concern the market will turn hot again after momentum had picked up notably over the past few months," said Huang Hetao, research manager at Century 21 China Real Estate.
"The country's fight against property bubbles is at a critical stage, and the latest notice will help cool down public concern and help stabilize the market for the rest of the year."
The notice just came after official data showed the country's property market is showing signs of rebounding even though Premier Wen Jiabao and other senior government officials have repeatedly said the central government would stick to rein-in policies.
In June, new home sales, excluding government-funded affordable housing, jumped 41 percent from May to 531.3 billion yuan (US$84.2 billion) across the country while the number of cities seeing a month-on-month increase in home prices also rose to its highest in 11 months, according to data released by the National Bureau of Statistics.
"Market momentum has been picking up around the country since March," said Song Huiyong, research director at Shanghai Centaline Property Consultants Ltd. "We believe it was necessary to issue such a notice at this critical moment, and we expect the market to cool down if the central government sticks to its pledge."
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