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Taming policies urged not to loosen as housing market begins to cool down

(Xinhua)

10:06, October 31, 2011

BEIJING, Oct. 30 (Xinhuanet) -- The recent protests staged by homeowners in some cities against price cuts have aroused people's concern about whether the government should readjust its policies on the housing market. Analysts urge that the taming policies should not loosen under such circumstances.

Last week, hundreds of homeowners flocked to the sales office of a property project developed by the Longfor Company in Shanghai to seek refunds or purchase cancellations after big discounts were offered by developers to boost sales.

Similar episodes have been reported in the cities of Beijing and Hangzhou, where housing developers, pressed by a financial crunch and a sales slump, have been forced to spur sales by cutting housing prices.

"If the property developers have to compensate the home buyers after the price drops, should they ask for more profits when the prices go up? In the home sales transaction, it is necessary to abide by contract clauses," People's Daily, the country's leading newspaper, commented Friday.

Even so, it is unfair to blame the home buyers only since they bear enormous pressures and risks under the current housing market with high prices and unreasonable pre-sales regime, but they will never work things out by demanding their money back or even using violence, the paper continued to say.

While the government should shoulder more responsibilities to supervise the housing market, it is not an option to just halt price drops when complaints appear. Since the housing market control has entered a key phase, halting price cuts might lead to a total failure of the government’s previous efforts, it stated.

A report published by China Securities Journal the same day said the recent incidents are disturbing the thorough implementation of the taming policies concerning the housing market. Housing prices might rebound and bring hidden trouble for China’s economic development if the government pursues a halt of price drops now.

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