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English>>China Business

More regulation possible as house prices rise (2)

(Xinhua)

08:27, August 24, 2012

Analysts believe that many factors have caused prices to go up. Zhu Zhongyi, vice president of the China Real Estate Association, said: "Property giants like Vanke and Evergrande took the lead in lowering prices, which encouraged many companies to boost their own sales by providing discounts."

The property market also got a boost from the central bank, which cut the benchmark interest rate twice in June and July, respectively, to buoy the slowing economy, Zhu said.

Zhou Weijun, executive vice president of real estate giant Vanke, said demand as well as eased loan restrictions for first-time buyers, were the main causes for the spike in prices.

Experts said price rises were also caused by the local governments' loosening of the central government's tightening measures during implementation. The lowering of land transfer fees brought about by the controls has greatly reduced the revenue of local governments.

Many local administrations have made some readjustments to price control policies, such as reducing contract tax and raising the housing provident funds.


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