Wednesday, March 30, 2011

China To Really Control Housing Prices This Year, Wants Prices to Drop

China is determined to stabilize or even lower new home prices in 2011. According to a statement posted on its website, the government intends to keep prices of new homes and small apartments steady or declining this year.

It will increase supplies of indemnificatory apartments, including low-rent housing and public rental housing.
"The targets were issued after the State Council, or China's Cabinet, required city governments to establish new home price control targets based on local economic growth and disposable income increase, and make them public in the first quarter of 2011.

Chen Zhi, deputy secretary-general of the Beijing Real Estate Association, said the government would strive to achieve the target by securing land supplies, 70 percent of which would be used to build indemnificatory apartments and small and medium-sized commodity apartments.

The government would also continue to counter speculation and strictly implement the latest house purchase limits it rolled out in February, Chen added". (China Daily)

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