Beijing unveils tough measures to curb housing price rises (2)

09:35, May 01, 2010      

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The Chinese cabinet unveiled a set of measures this month to clamp down on speculation amid fears of economic overheating and property bubbles inflated by last year's record lending. High home prices have become a major concern for Chinese people.

The cabinet has raised minimum down-payments and lending rates for second-home purchases. Moreover, property developers have been ordered to get official approval before accepting pre-payments for uncompleted homes and will be punished if they are found to be hoarding property to push up prices.

Beijing also pledged to increase the supply of low-cost housing and has banned shareholders from applying for loans and providing finance and guarantees for property developers.

Local government agencies have been called to "fully understand the harmful effects of overly fast rises in home prices for the sake of economic growth and social stability in the Chinese capital."

The government has also ordered an investigation into property projects that witnessed overly high sale prices or overly rapid rises in price.
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