Shanghai adopts measures to control surging home prices

Chinese homebuyers look at housing models of a residential property project during a real estate fair in Shanghai, China, May 2, 2015. [Photo / IC]

SHANGHAI -- In an effort to stabilize its red-hot property market, Shanghai has adopted a set of measures, including increasing land supply and strengthening supervision of capital.

According to the measures published on Saturday, the city will increase the supply of land for commercial housing construction. A work team composed of staff from government departments will be formed to regulate the funding sources for land purchases.

The city will also enhance supervision over the purchase of homes that have previously been owned but never used. Stricter supervision over new home prices will also be implemented.

Additionally, authoritative property market information will be released on a regular basis to stabilize market expectations.

Shanghai is among a dozen Chinese cities struggling to cool property markets.

According to the National Bureau of Statistics, over 90 percent of cities surveyed in August reported new home price rises, up from 73 percent in July. Prices in Shanghai rose 37.8 percent year-on-year respectively, compared with 33.1 percent in July.