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Teams set to check curbs on property
By Lu Nengneng |
July 25, 2012, Wednesday
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Print Edition
Print Edition
CHINA is sending inspection teams to check how well its housing policies are being applied at local level after the property market showed signs of rebounding in June.
Eight teams will be dispatched later this month to Shanghai and 15 other provincial areas to supervise the implementation of home purchase restrictions, differentiated credit and tax policies, as well as the supply and management of residential land, the State Council, or the Cabinet, said in a statement yesterday.
"Targeting the recent happenings and emerging problems," the move is meant to "further ensure that the property regulation measures are implemented, speculative housing demand is curbed and to strengthen the effects of the property regulatory measures," it said.
The teams will visit commercial housing projects and listen to local residents' views. Local governments found not strictly following property tightening measures will be urged to correct their practice, the State Council said.
On the checklist
All four municipalities in China - Shanghai, Beijing, Tianjin and Chongqing - are on the checklist. Provinces under inspection include Jiangsu, Zhejiang, Fujian, Hebei, Henan, Liaoning, Jilin, Shandong, Hubei, Hunan, Guangdong and Sichuan. The Cabinet said it will also be watching other regions.
The announcement came after the National Bureau of Statistics reported last Wednesday that new home sales, excluding government-funded affordable housing, soared 41 percent in June from May to 531.3 billion yuan (US$84.2 billion) across the country, and the number of cities recording a monthly increase in home prices hit an 11-month high.
Song Huiyong, research director at Shanghai Centaline Property Consultants Ltd, said the market had been gaining momentum since March, but it would cool down if the central government sticks to its pledge not to loosen controls.
Earlier this month, Premier Wen Jiabao reiterated that the government was making it a long-term task to curb property speculation.
In the past few months several Chinese local governments had attempted to ease tightening measures in the face of diminishing revenue from land sales.
Eight teams will be dispatched later this month to Shanghai and 15 other provincial areas to supervise the implementation of home purchase restrictions, differentiated credit and tax policies, as well as the supply and management of residential land, the State Council, or the Cabinet, said in a statement yesterday.
"Targeting the recent happenings and emerging problems," the move is meant to "further ensure that the property regulation measures are implemented, speculative housing demand is curbed and to strengthen the effects of the property regulatory measures," it said.
The teams will visit commercial housing projects and listen to local residents' views. Local governments found not strictly following property tightening measures will be urged to correct their practice, the State Council said.
On the checklist
All four municipalities in China - Shanghai, Beijing, Tianjin and Chongqing - are on the checklist. Provinces under inspection include Jiangsu, Zhejiang, Fujian, Hebei, Henan, Liaoning, Jilin, Shandong, Hubei, Hunan, Guangdong and Sichuan. The Cabinet said it will also be watching other regions.
The announcement came after the National Bureau of Statistics reported last Wednesday that new home sales, excluding government-funded affordable housing, soared 41 percent in June from May to 531.3 billion yuan (US$84.2 billion) across the country, and the number of cities recording a monthly increase in home prices hit an 11-month high.
Song Huiyong, research director at Shanghai Centaline Property Consultants Ltd, said the market had been gaining momentum since March, but it would cool down if the central government sticks to its pledge not to loosen controls.
Earlier this month, Premier Wen Jiabao reiterated that the government was making it a long-term task to curb property speculation.
In the past few months several Chinese local governments had attempted to ease tightening measures in the face of diminishing revenue from land sales.
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