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New efforts announced to bring down real estate prices
Latest Updated by 2006-05-25 18:29:17
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Shenzhen municipal government recently announced new measures in an effort to bring down soaring real-estate prices. The measures are expected to increase supply and stop forestalling in the property market.

The government will stipulate the number and types of flats on a land lot when signing contracts with developers, to ensure that non-luxury apartments account for 90 percent of the total number of homes on sale each year.

The government will also take back land that has remained idle for two years, and fine the developers 10 percent of the land value for letting a piece of land lie idle for one year. Selling apartments before completing construction will also be banned. Measures will be enforced gradually.

Editor: Yan

By: Source: Szdaily web edition
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