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Official Suggests Continuing Real Estate Control Policy

The macro-control policy in real estate industry should not be loosened in the near future, the Economic Information Daily quoted an official with the Ministry of Construction as saying.

From the statistics in previous eight months, China's real estate development has been stabilized in general, and the macro-control policy is taking effect as expected, Xie Jiajin, director-general of the Department of Housing and Real Estate Industry of the Ministry of Construction was quoted by the newspaper as saying.

In May 2005 seven ministries and departments jointly issued a circular in an attempt to stabilize the rocketing housing prices in China.

According to the new policy, private houses sold after being inhabited for less than two years must pay business taxes according to the whole sale price.

The circular also demanded that local real estate administrative departments make clear requirements on price levels and housing sizes before giving permission for land use, stressing reducing construction costs for affordable housing and restricting developer profits to 3 percent.

The focus of future work is on the implementation of local governments' responsibility and various policies of the State Council, Xie said.

She called for the adjustment of housing structure, supply increase of cheap and small houses and improvement of housing safeguard systems of low-income people.

The real estate market order should be further regulated with land and housing supply information being released timely, she said.

(Xinhua News Agency September 28, 2005)

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