Regulating housing market still a daunting task

08:42, August 27, 2010      

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China's top economic planner said Thursday the regulation of the property market was still a daunting task in spite of "initial progress" the country has made in cooling excessive prices.

In the second half, the government would "stabilize property market regulating policies, further implement the measures meant to curb excessive gains in housing prices, and resolutely restrain speculative property investment," said Zhang Ping, director of the National Development and Reform Commission.

Zhang made the statement in his report on the implementation of national economic and social development plan for the first seven months this year to the 16th Session of the Standing Committee of the 11th National People's Congress, a bimonthly session running from August 23 to August 28.

Zhang said the government would continue to improve the "basic housing guarantee system," as well as "increase the investment and land supply for affordable housing, accelerate the building of affordable housing and add effective housing supply as soon as possible."

The central government had raised building subsidies for new affordable rental homes in central China from 300 yuan ($44) to 400 yuan per square meter and in west China from 400 yuan to 500 yuan, Zhang said.

Earlier this month, Vice Premier Li Keqiang said the government would continue to regulate the housing market and resolutely crack down on speculative property investment and other unreasonable market demand.

Li said the government would continue to increase the supply of affordable housing for low-income families in order to consolidate the effects of the regulation.

Housing prices in major Chinese cities rose 10.3 percent year-on-year in July, slower than the 11.4 percent growth in June, according to official figures.

On a monthly basis, housing prices in June fell by 0.1 percent from May and the July prices stayed the same as June.

Source: Xinhua


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