--- SEARCH ---
WEATHER
CHINA
INTERNATIONAL
BUSINESS
CULTURE
GOVERNMENT
SCI-TECH
ENVIRONMENT
LIFE
PEOPLE
TRAVEL
WEEKLY REVIEW
Learning Chinese
Learn to Cook Chinese Dishes
Exchange Rates
Hotel Service
China Calendar


Hot Links
China Development Gateway
Chinese Embassies

Shanghai Regulates Speculative Trading of Residential Property

Investors who make profits by purchasing commercial houses as futures and then sell them to other buyers will have to rethink their business methods after Shanghai legislators passed a rule Wednesday, to take effect April20, to limit such investment.

 

Shanghai will learn from Hong Kong's experience in controlling the real estate market and the government will intervene in and limit trading of commercial housing before owners get house ownership permits, said Cai Yutian, director of Shanghai Administration of Housing, Land and Resources.

 

Statistics show 16 percent of the house purchasing serves investment and speculating purposes, just below the international alarm line of 20 percent.

 

The rule might also be altered or abolished according to marketchanges, but whatever measures to be taken, they will all serve tomaintain a healthy and sound real estate market, said Jiao Yang, aspokesman with Shanghai municipal government.

 

As China's economic powerhouse, Shanghai has observed soaring housing prices in recent years. Its commercial housing price topped 5,118 yuan (US$617) per square meter last year, about 24.2 percent or 1,000 yuan up from the previous year.

 

The growth rate tops any other provincial-level cities across the country.

 

(Xinhua News Agency April 15, 2004)

Print This Page
|
Email This Page
About Us SiteMap Feedback
Copyright ©China Internet Information Center. All Rights Reserved
E-mail: webmaster@china.org.cn Tel: 86-10-68326688