Shanghai to regulate housing market to curb price hike: mayor

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Last updated at: (Beijing Time) Friday, December 05, 2003

Shanghai to regulate housing market to curb price hike: mayor

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Shanghai Mayor Han Zheng announced Thursday that the municipal government would overhaul its booming real estate market and provide more affordable houses in order to control the rapid housing price hike in China's biggest city.

"Housing prices this year have increased fairly fast in Shanghai," Han said in his keynote speech at the 12th Annual Asia Leadership Forum which opened in Shanghai Thursday with the sponsorship of Business Week magazine.

"We need to regulate and control the housing market since some problems have emerged from its recent development," Han said, referring to the sharp rise in prices.

He said the abrupt ups and downs in the housing market would put the interests of investors, consumers and citizens in peril.

"This is unhealthy," he said, urging to build more affordable houses to bring down the prices for the salaried people.

Han said the municipal government would also introduce more transparency into the market beginning from opening lands for bidding.

The municipal government will publish a new policy in the near future to ban the speculation on houses under construction and establish an early warning system on the housing market, said JiaoYang, a spokesman for the municipal government.

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