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People's Daily Online>>China Society

Court statement seen as supporting policy levers

(Xinhua)

09:11, March 02, 2012

YINCHUAN, March 1 (Xinhua) -- China's highest court has sent a message to China's confused property market, say analysts: Let policy levers work.

In a recent statement, the Supreme People's Court said property sellers and buyers should take contract "escape clauses" very seriously.

Analysts see the statement as a call for real estate developers to stand their ground against angry property owners. In recent months, many have protested price reductions designed to spur the market, often trying to abrogate existing contracts.

In the wake of policies over the last 12 to 18 months to cool China's real estate market, developers have seen sluggish sales as many potential buyers take a wait and see attitude.

In response, some real estate companies have dropped prices on new projects sharply. But they have often faced protest from unhappy owners who bought earlier at higher prices.

The Ningxia Zhongfang Industrial Group, a real estate developer in Northwest China's Ningxia Autonomous Region, has such experience.

In early January, it lowered prices on the second phase of its Dongcheng Renjia development in Yinchuan, capital of Ningxia, more than 20 percent from its original price of about 6,000 yuan (952 U.S. dollars) per square meter. The move was aimed at spurring sales.

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