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7. Housing price: variations in different cities for market stabilization

High price for the low-rise [By Jiao Haiyang / China.org.cn]

"The housing prices in first-tier cities fluctuate very dramatically; it is an issue we are paying constant attention to. We keep close contact with Beijing, Shanghai, Guangzhou and Shenzhen, making an effort to stabilize their local real estate markets," said Chen Zhenggao, minister of Housing and Urban-Rural Development, on March 5.

Chen said that the specific measures in stabilizing the real estate market include 1) implementing strict restrictions on those who are eligible to purchase, along with differentiated tax and credit systems, 2) increasing land availability for the construction of more residential buildings, 3) increasing the supply of medium and small-size houses while ensuring the supply of affordable housing, 4) cracking down on illegal activities in the property market, and 5) properly guiding public opinion.

The NDRC Minister Xu Shaoshi said on March 6 at an NPC press conference that housing prices in several first and second-tier cities recently rose fast, prompting restrictions on purchases. In combination with such administrative measures, he also called on more economic measures, such as increasing the availability of residential land and accelerating the construction of affordable housing to ease tension while suppressing unreasonable speculative acts.

"Through our differentiated policies, which vary from city to city, we are confident in our ability to stabilize housing prices," said Jiang Daming, minister of Land and Resources, on March 9. He said the Ministry of Land and Resource will ensure a reasonable supply of urban land to help stabilize the real estate market.

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