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China housing ministry reaffirms goal to tame both prices and rent

By Wang Yi (People's Daily)    15:44, May 21, 2018

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China’s housing ministry said it would uphold the real estate regulation goal to tame both housing prices and rent by increasing housing supply and tightening up fund controls.

The statement issued May 19 on the Ministry of Housing and Urban-Rural Development’s website warned against property market speculation, saying it would step up checks on local governments’ efforts to rein in property prices, and will hold those who fail to do so accountable.

The ministry demanded local governments prevent boosting housing prices by significantly increasing land supply for rental housing and government-supported housing with property in common.

According to the statement, the measures on funds control mainly focus on the implementation of differential housing credit policies and restriction on misappropriating consumption loan, firm operation loan and other funds to housing purchasing leverage.

It is the second time this month that the ministry has voiced concern about property prices. In early May, it told governments in 12 cities to rein in their rising property prices and step up regulations.

On a yearly basis, new residential housing prices in China's first-tier cities declined 0.4 percentage points more in April compared with a 0.6 percent drop in March, the National Bureau of Statistics (NBS) said a few days ago.

Meanwhile, new home price growth in second-tier cities were flat with the March level, and those in third-tier cities saw year-on-year growth 0.3 percentage points lower than a month ago.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Bianji, Hongyu)

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