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Shanghai Party chief: Housing price in Shanghai too high

(People's Daily Online)    17:43, October 10, 2015
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Shanghai Party chief: Housing price in Shanghai too high

The decision of merging Shanghai Municipal Management Commission of Urban-Rural Development and Shanghai Municipal Housing Administration into Shanghai Municipal Management Commission of Housing and Urban-Rural Development was announced in Shanghai Friday.

Han Zheng, Secretary of CPC Shanghai Municipal Committee, pointed out on the same day that Shanghai has seen high housing prices and without control, it will dampen the steady and healthy development of Shanghai's economy and do harm to the city's competitiveness.

Han Zheng said that the development in the real estate market in this super-sized city has its own characteristics and reining the property price is an important task.

The Shanghai government should be resolved to become less reliant on the real estate industry for economic growth. Moreover, it should be responsible for the citizens and future development by not implementing short-term stimulus to alleviate temporary problems.

Han Zheng mentioned that there are two structural problems with the real estate market in Shanghai. Firstly, Shanghai has seen a big increase in investment in the office space and commercial real estate and a very high ownership among the office space and commercial real estate. Besides, small and medium-sized commercial housing are in short supply and there is a great imbalance between the market demand and supply for newly-built small and medium-sized commercial housing. Unreasonable land supply and the big decrease in land supply for these commercial housing caused the structural problems.

Han Zheng emphasized that the Shanghai government should make binding measures and restructure the property market while keeping the land supply unchanged.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor:Ma Xiaochun,Bianji)

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