Pledges action to cool housing market
Source: Xinhua |
March 6, 2010, Saturday
|
Print Edition
Print Edition
PREMIER Wen Jiabao yesterday reiterated determination to curb the excessive growth of home prices in major cities and satisfy people's basic need for housing.
He made the pledge to the annual session of the National People's Congress -- the latest demonstration of the government's determination to tame runaway home prices.
Driven by record bank lending and favorable tax breaks, China saw a sharp property price hike in the past year, triggering heated public complaints and fears of possible assets bubble.
China's home prices in 70 large and medium-sized cities, a housing price trend barometer, climbed 9.5 percent in January 2010 from a year earlier, the fastest growth in 19 months.
Wen promised an increased supply of low-cost housing and common residential houses, restraints on speculative purchases, tighter land use management and stricter control of bank credit.
The government will spend 63.2 billion yuan (US$9.25 billion) on low-income housing this year, an increase of 14.7 percent over last year, he said.
The government will also build 3 million housing units for low-income families and renovate 2.8 million shanty units, he said.
Wen's remarks indicate the government's regulation target for real estate this year, which will focus on satisfying demand of mid- and low-income families while ensuring a healthy development of the market, said Gu Yunchang, vice president of China Real Estate Research Association.
"To curb the excessive growth of home prices is a must for the healthy development, or else the foaming market would bring destructive consequences to the industry," said Gu.
China started making moves to deflate the housing bubble late last year, including reimposing a sales tax on homes sold within five years of their purchase and raising the down payment requirement for families buying a second or more houses.
During an online chat with Internet users last week, Wen expressed confidence in the government measures in response to soaring home prices.
"It is the government's responsibility to guide the property market. I am confident that the government will ensure the healthy development of the property market," he said.
He made the pledge to the annual session of the National People's Congress -- the latest demonstration of the government's determination to tame runaway home prices.
Driven by record bank lending and favorable tax breaks, China saw a sharp property price hike in the past year, triggering heated public complaints and fears of possible assets bubble.
China's home prices in 70 large and medium-sized cities, a housing price trend barometer, climbed 9.5 percent in January 2010 from a year earlier, the fastest growth in 19 months.
Wen promised an increased supply of low-cost housing and common residential houses, restraints on speculative purchases, tighter land use management and stricter control of bank credit.
The government will spend 63.2 billion yuan (US$9.25 billion) on low-income housing this year, an increase of 14.7 percent over last year, he said.
The government will also build 3 million housing units for low-income families and renovate 2.8 million shanty units, he said.
Wen's remarks indicate the government's regulation target for real estate this year, which will focus on satisfying demand of mid- and low-income families while ensuring a healthy development of the market, said Gu Yunchang, vice president of China Real Estate Research Association.
"To curb the excessive growth of home prices is a must for the healthy development, or else the foaming market would bring destructive consequences to the industry," said Gu.
China started making moves to deflate the housing bubble late last year, including reimposing a sales tax on homes sold within five years of their purchase and raising the down payment requirement for families buying a second or more houses.
During an online chat with Internet users last week, Wen expressed confidence in the government measures in response to soaring home prices.
"It is the government's responsibility to guide the property market. I am confident that the government will ensure the healthy development of the property market," he said.
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