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NDRC warn against soaring housing price

www.chinanews.cn 2007-04-18 17:16:40

Chinanews, Beijing, April 18 - According to China Securities Journal,
averagely the housing prices of 70 big and medium-sized Chinese cities
leaped by 6% in the first quarter of 2007, and the figures in Shenzhen
and Beijing even exceeded 10%.
After evaluating the property market, the National Development and Reform
Commission (NDRC) of China warns against the soaring housing prices,
demanding that local governments should take immediate action to exercise
a stronger macro control over the rampaging market.
Experts suggest that the government should issue a different mortgage
rate policy, accelerate the collection of property tax and complete the
housing security system. Surplus land in the market should be handled,
too. Taking the fast economic growth and the dangerous commodity price
level into consideration, China might carry out new deflation policies.
The strong liquidity, single investment channel in the domestic market
and the appreciating RMB have attracted more and more foreign investment,
which has also helped boost the housing price.
Statistics show that the property industry has absorbed some 13.127
billion yuan of foreign investment in the last 3 months, a 154.4% growth
compared with the same period last yearl, including 10.26 billion yuan of
foreign direct investment (FDI).

��Housing price keeps soaring in Beijing
��Housing price in big cities keeps rising
��70% of Beijingers believe housing price will keep rising
��Premier: China to rein in soaring housing price

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