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Housing report notes rise in sales (3)

By Zheng Yangpeng  (China Daily)

14:57, September 05, 2012

Beijing is one of more than 30 cities to have rolled out or fine-tuned policies in the property sector aimed at boosting the market since the second half of 2011, according to the leading business newspaper China Business Herald.

These policies have included: more favorable interest rates for first-time buyers, loosening of the upper limit for house buyers who use low-interest provident fund loans and transaction-related taxes and fees reduction.

Of the above cities monitored by SouFun, policies in only five cities, including Shanghai and Wuhu of Anhui province, have been canceled by the central government.

Last week, there were reports that Hunan province has rolled out further policies to encourage property sales, including lowering payment requirements for first-time buyers.

The Hunan government denied the claim this week.

"As seen from the current situation, if the local governments say they are not fine-tuning, it is unlikely that the central government will probe further," Xue Jianxiong, research director of CRIC China, was quoted by China Business Herald as saying.

Land grant fees are a major source of revenue for local governments.


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