City to control housing prices
26/11/2003 14:40
Shanghai is considering issuing new policies to control the surging
property prices and ensure the supplies of lands reserved for mid and low-end
housing, the Labor Post reported today.
In the areas with large land storage,
the local government will withdraw lands left unused, and urge real estate
developers to speed up their property development, according to the local
government department yesterday.
In order to avoid short-term housing price
manipulation, residents allowed to purchase properties on government
preferential policies due to urban construction cannot transfer their properties
to others within five years.
The government will also take measures to
restrict the residents transferring their prepaid housing properties to
others.
The supply and market demand in the local real estate market is
comparatively balanced, but in some areas, the housing prices are growing fast,
said an industry analyst.
The Shanghai Housing and Land Resources
Administration has made many surveys and analyses on local property market,
making a conclusion that strengthening land supply is key to control the
over-heated local real estate sector.
The supply of lands slate for mid and
low-priced housing properties should be guaranteed, the analyst
said.
Wendy Zhang/ Shanghai Daily news
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