Efforts to regulate China's home market see some effects: State Council

08:42, April 27, 2011      

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China's State Council, the country's cabinet, said Tuesday that the efforts of local governments to regulate the real estate market had seen some preliminary results.

"Speculative housing demands have been contained, and the sales volume of new and existing homes dropped month on month while home prices stayed generally stable," said the State Council in a statement released Tuesday.

The State Council had sent eight inspection groups to 16 provinces, regions or municipalities to supervise their work of regulating the home markets from April 10 to 21.

The inspection groups reported that local governments had attached great importance to rectifying the real estate market, and all the 16 provinces, regions or municipalities have taken concrete measures in implementing the central government's policy to regulate the country's home market.

During the inspection, the inspection groups found that home price targets for this year set by some local governments were relatively loose and unable to meet people's expectations.

Some areas have not raised the full amount of funds for building homes for low-income families.

The inspection groups have offered recommendations to corresponding local governments to address those problems.

The State Council has also ordered provinces, regions and municipalities that were not inspected to submit a report regarding their measures taken to regulate the housing markets.

Source: Xinhua
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