City acts to control housing prices
12/4/2004 14:45
Shanghai is taking measures in six areas to curb the over-heated housing
price growth and ensure a stable and healthy development of the property market,
according to Shanghai Housing and Land Resources Administration.
Besides the
recent rule banning transfers of unfinished apartments, the measures include
increasing the land supply for housing projects, improving the housing industry
structure, promoting the construction of low-to-medium priced projects,
perfecting the housing trade regulations and establishing a market alarm system
as well as a housing security system. [I am not sure of what a market alarm
system is]
Housing officials said this year's land supply will be mainly for
residential projects except for key projects of the national and municipal
governments.
Requirements for the trading of unfinished properties will be
reduced to encourage purchases. Under the new policy, a project, a quarter
completed, is allowed to be sold.
Meanwhile, the government will complete the
construction of 3 million square meters of low price housing projects this year
and supply them to relocated residents. It will start construction this year on
another 3.5 million square meters of low-price projects.
It will control the
land supply for high-end projects such as villas, particularly those in the
downtown areas.
To secure healthy trading in the housing market, the
government will publish housing trade information online to crack down on price
hikes resulted from illegal operations.
Jane Chen / Shanghai Daily news
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