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China moves to cool housing market
Latest Updated by 2006-05-18 11:28:40

Visitors examine housing models at a real estate expo in Chongqing May 11. (Xinhua Photo)

Tax, loan and land policies should play more important roles in adjusting China's real estate industry, said a State Council executive meeting on Wednesday.

The on-going loan policies would be properly adjusted to guide demand in the real estate market, said the meeting presided over by Premier Wen Jiabao.

Tax policy in the house transfer will be improved further and policies on house development and sales should be implemented strictly, said the meeting.

Since China adopted macro-control over the real estate market last year, the increasing investment in the sector and price hikeshave been reined in a little, the meeting said.

However, some problems have not been solved including rapid price rises in a few big cities, bad supply structure and messy market rules, it said.

A construction site in Beijing (newsphoto)

The meeting urged real estate companies to stop stock-piling houses and raising prices deliberately. Efforts should also be made to adjust the house supply structure to provide less expensive apartments.

It also encouraged the letting market and building of houses tobe made more suitable for low-income families.

The statistics and information system should be improved to make the real estate market more transparent and make sure the market information is released on time and accurately, said the meeting.

Local governments should include the tasks of adjusting housingsupply structure and controlling soaring prices into their goals of economic and social development, according to the meeting.

Real estate industry is an important pillar industry in China'snew stage of development. To promote its continuous sound and stable development would be helpful to maintain the stable and fast growth of the national economy, the meeting said.

The executive meeting also approved a modified draft of regulation on China's mapping achievements as the old one announced in 1999 is out of date.

Editor: Yan

By: Source:China View website
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