Top Biz News

Nation to stabilize realty prices

By Li Fangchao (China Daily)
Updated: 2007-02-26 09:49

Though the meeting was told that overall, the housing market had cooled down, with speculation being curbed, property prices in some major cities were still rising and the supply of small- and medium-sized houses was far from enough.

Last month, housing prices in 70 large and medium cities rose 5.6 percentyear on year, according to theNational Development and Reform Commission, with those in Beijing jumping 9.9 percent.

Zeng said the government would continue regulating the property market and crack down on those involved in hoarding, bidding up housing prices and committing contract frauds.

He urged that the secondary housing and rent markets be developed to stabilize housing prices.

Beijing will build 10 million square meters of low-cost affordable houses in the next three years, official figures show.

And Beijing Mayor Wang Qishan said last month the city would begin building low-rent houses with a total floor space of 300,000 square meters this year.