The Central People's Government of the People's Re : China's property regulation policies "carried out well"
08/18/2012| 07:19am US/Eastern
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China's property regulation measures have been
"carried out well" by local authorities and
speculative housing demand has been curbed, according to the
results of a State Council
inspection announced late on Friday.
The inspectors also found problems that need "particular
attention," including recent property price rises,
intermittent easing policies at the local level, low
fulfillment of housing land supply and weak market
supervision in some cities.
In July, the cabinet sent eight teams to inspect the
implementation of property regulation policies by local
authorities. The teams went to 16 cities and provinces, to
assess how well the central government's housing purchase
limit policies and differential credit policy have been
carried out, and check the supply and management of
residential land and the implementation of tax policies.
The municipalities and provinces include Beijing, Tianjin, Shanghai,
Chongqing, Hebei, Jiangsu, Zhejiang
and Fujian.
The inspectors have recommended rectification measures to
local governments. Some problems have already been solved and
some are being addressed, according to a statement showing
the results.
The inspection further indicated the central government's
determination to cool the property market, and the central
authorities will improve regulation on the basis of the
results, said the statement.
New price-control measures may soon hit China's property
market, which has just begun to show signs of a rebound
following government measures to stimulate the slowing
economy, analysts and industry insiders have said.
It is widely expected that new cooling measures will be
unveiled before September or October, the country's
traditional peak season for home sales.
In some Chinese cities, the need for tighter controls could
be pressing, as prospective home buyers that chose to wait
due to a tightening market started rush-buying following two
interest rate cuts in June and July, which were targeted at
boosting the economy but triggered expectations of a warming
property market.
In July, average new home prices in 100 major cities rose for
the second consecutive month, by 0.33 percent month on month,
data from the China Index Academy showed.
China has tightened its curbs on the property sector since
2010, as home prices rocketed beyond the reach of average
wage earners.
The government has restricted home purchases in several
cities while requiring higher down payments and introducing
property taxes. The clampdown has gradually cooled the
market.
Many local governments issued clear targets in home price
control in 2011, but few goals were declared this year. Some
of them even "fine-tuned" their property policies
in the wake of weakening local economies.
China's economy grew 7.6 percent in the second quarter,
the lowest level in more than three years, sparking
speculation that the central government might ease property
curbs to shore up growth.
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