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China Fixed Property Prices Continue Harden Policy

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The government continued to assert China's housing market to tighten policy in the State that the Bamboo Curtain.

"Government policies to control rising house prices soared in many cities in China continues. Local Government should be ready to implement these policies," the statement issued by the Ministry of Housing and Urban Development-China Village, quoted by China News Agency, Xinhua, Tuesday (13/07/2010).

"We will ask local governments to ensure that they implement strict policies about the loan to purchase a different house. This is to stop housing speculation, "said an official statement posted on the ministry website.

Ministry of Housing and Urban Development-China Village added, this policy can be adopted in a positive way to increase the supply of commercial houses in the market, accelerate the construction of houses for low-income communities, renovating the small towns, and strengthen supervision of the real estate market conditions.

China's Housing Ministry statement came after the National Statistics Bureau (NBS) released the latest figures on home prices in many cities in China. According to NBS, housing prices in major cities in China rose 11.4 percent year-on-year in June, down 1 percent compared to figures in May.

This price decline occurred in two consecutive months so that the increase in property prices in China slowed. Property prices in 70 large and medium cities in China grew 12.4 percent year-on-year in May, or 0.4 percent lower than April.

Government of China adopted a series of tightening measures home prices in April to stop the speculation that soaring home prices, tightening financial controls, including developers, to suspend a loan to purchase a third home, and increase the amount of advances for purchase of second homes.

For information, home prices doubled in the cities of Beijing and Shanghai in 2009 so that the Government of China takes steps to control the price increase is undesirable.


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