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Shanghai confirms housing regs working

(People's Daily)

15:47, October 31, 2011

Edited and translated by People's Daily Online

Beijing, Oct. 31 (PD Online) --The recent price cuts of some housing projects in Shanghai have caused discontent among homebuyers who had purchased earlier. In response, a spokesperson for the Shanghai municipal government said during a news conference that according to national laws and regulations concerning price management, the sales prices of commercial housing projects should be set by real estate developers and housing buyers based on market supply and demand. Real estate developers should give each house for sale a specific price and should receive supervision.

The spokesperson said that if there are disputes between both sides, they should settle them through negotiations as stipulated in agreements signed earlier. If they fail to settle the disputes through negotiations, they can resort to judicial settlements.

The spokesperson said, "Shanghai will magnify the effects of the regulatory housing policies, closely watch the changes in the housing market and prepare related plans in order to ensure the stable and healthy development of the local housing market."

Shanghai has firmly implemented various regulatory housing policies adopted by the central government and accelerated the construction of affordable housing projects since the start of 2011.

The spokesperson said that the regulatory housing policies have produced positive results because the relationship between supply and demand has improved, and the rapid growth of housing prices has lost steam. The monthly price index of newly-built houses saw no new increases for three months after July.

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