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Shanghai strict on home curbs
By Cherry Cao |
July 28, 2012, Saturday
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Print Edition
Print Edition
CURBS on housing speculation must continue to be vigorously enforced in Shanghai, the local government said yesterday, three days after the State Council, China's Cabinet, said it was sending inspection teams across the country to check how well its housing policies were being implemented at a local level.
Home purchase restrictions as well as differentiated credit and tax policies should be strictly conducted while the supply of residential plots - for both commercial and affordable housing - should be further increased, according to a notice on the website of the Shanghai Housing Support and Building Administration Bureau.
It said that local inspections, in the second half of this year, will focus on buyers' home-purchase qualifications.
"The notice came just a few days after the State Council's announcement and expresses again the city's determination to curb speculative housing demand and bring down home prices to a reasonable level," said Sky Xue, an analyst at China Real Estate Information Corp.
"As a matter of fact, Shanghai has been implementing the measures very strictly so far and the latest notice would again help dampen speculation that property curbs might be relaxed to accelerate economic growth."
The State Council said eight teams would be dispatched later this month, covering Shanghai and 15 other provincial areas, to supervise the implementation of property tightening measures which mainly include home purchase restrictions, differentiated credit and tax policies, as well as the supply and management of residential land.
The teams will visit commercial housing projects and listen to local residents' views. Local governments found not strictly following tightening measures will be urged to rectify their practice, the State Council said.
One team is due to arrive in Shanghai on Monday, according to an industry source who didn't want to be identified.
The latest central government move in its ongoing fight against soaring home prices came after improved sentiment in the nationwide property market over the past few months, as well as attempts by some local governments to loosen property curbs in the face of diminishing revenue from land sales.
Home purchase restrictions as well as differentiated credit and tax policies should be strictly conducted while the supply of residential plots - for both commercial and affordable housing - should be further increased, according to a notice on the website of the Shanghai Housing Support and Building Administration Bureau.
It said that local inspections, in the second half of this year, will focus on buyers' home-purchase qualifications.
"The notice came just a few days after the State Council's announcement and expresses again the city's determination to curb speculative housing demand and bring down home prices to a reasonable level," said Sky Xue, an analyst at China Real Estate Information Corp.
"As a matter of fact, Shanghai has been implementing the measures very strictly so far and the latest notice would again help dampen speculation that property curbs might be relaxed to accelerate economic growth."
The State Council said eight teams would be dispatched later this month, covering Shanghai and 15 other provincial areas, to supervise the implementation of property tightening measures which mainly include home purchase restrictions, differentiated credit and tax policies, as well as the supply and management of residential land.
The teams will visit commercial housing projects and listen to local residents' views. Local governments found not strictly following tightening measures will be urged to rectify their practice, the State Council said.
One team is due to arrive in Shanghai on Monday, according to an industry source who didn't want to be identified.
The latest central government move in its ongoing fight against soaring home prices came after improved sentiment in the nationwide property market over the past few months, as well as attempts by some local governments to loosen property curbs in the face of diminishing revenue from land sales.
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