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People's Daily Online>>China Business

Shanghai explains housing rule 're-explanation'

By Hu Yuanyuan and Wang Ying (China Daily)

09:40, March 02, 2012

A prospective buyer browses listings at a real estate agency in Pudong New District, Shanghai. (China Daily/Niu Yixin)

BEIJING/SHANGHAI - China's real estate policies will remain tight this year and the recent quickened pace of property transactions is not likely to last long, industry insiders said on Wednesday.

Their comments came about a week after widespread reporting on a so-called re-explanation of Shanghai's housing policy. The re-explanation, first made by an unnamed official in an interview reported by a local newspaper, suggested that people who have held Shanghai resident cards for more than three years will be allowed to buy a second home in the city.

On Tuesday, the Shanghai Municipal Housing Security and Administration Bureau posted a notice on its website, saying the city will enforce property regulations adopted by the State Council.

"The Shanghai municipal government will follow the measures and policies the country has adopted to control the property market, and our commitment toward returning property prices to reasonable levels is firm," the notice said.

Government offices in charge of approving housing deals had previously said that long-term holders of Shanghai resident cards were allowed to buy a second home. But a report by International Finance News, a Shanghai-based newspaper run by the People's Daily, said those offices are no longer interpreting the policy in that way.

Their latter statements contradict what an official from the same bureau had told the Shanghai Securities News in an article published on Feb 22.

"Ever since the home purchase restrictions have been put into effect, long-term holders of resident cards have been allowed to buy a second home, just as local Shanghai people do," said the official, who did not provide his name.

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