On September 26, Chen Qiwei, a spokesperson for the Shanghai municipal government, said Shanghai would more harshly compel real estate developers to launch their newly constructed commercial residential buildings onto the market. This measure is aimed at stopping the developers' speculative activities, which contribute to driving up the already high housing prices in Shanghai.
Chen said that by the end of this year there would be likely 4.5 million square meters of new houses that can meet the presale standards and all of them would be put onto the market.
In addition, Chen pointed out that Shanghai's real estate market is balanced overall, but recently the growing demands have boosted both the housing trade and the pressure of price hikes. Shanghai will enhance control and adjustment of the market to make the average commercial residential buildings available to ordinary citizens.
For details, please read the full story in Chinese. (http://www.china-cbn.com/s/n/000002/20070927/000000079828.shtml)
(China.org.cn September 27, 2007)