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Shanghai and Guangzhou strengthen control over real estate markets
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16:44, July 21, 2009

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Shanghai and Guangzhou will increase welfare housing and prevent sharp price rises or declines on the real estate market by cracking down on developers using illegal practices.

From the second quarter of this year, Shanghai's real estate market began to recover, and the volume of trade and prices increased every month. But developers have adopted a few tricks like "small volume selling" and "withholding real estate for profit” in commercial housing sales. In response, Shanghai Municipal Government has published a series of measures which aim to crack down on this type of practice.

This year, Guangzhou plans to supply 2.5 million square meters of commercial and residential land, a huge increase from last year. Meanwhile, the construction of low-rent, affordable housing has gone according to plan. Guangzhou will solve the basic housing problem for 77,177 registered low-income families by 2012.

Meanwhile, Guangzhou will intensify investigations and penalties on idle real estate land and severely punish those "withholding real estate for profit," to promote an effective supply of commercial and residential housing.

Guangzhou will also increase the supply of land for the commercial and service industries to stimulate the market to invest in high-end commercial land projects. It is hoped that the risks brought on by over concentrated market investment in residential land will be reduced by improving the supply structure of profit-oriented land.

By People's Daily Online

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