BEIJING, Dec. 21 (Xinhua) -- The General Office of the State Council, or Cabinet, on Sunday unveiled more details
of a real-estate stimulus package adopted at an executive meeting of the Council
last Wednesday.
The document, called A Number of Opinions Concerning
Boosting Healthy Development of the Property Market, was posted on the central
government's official website. It emphasized low-income housing and home
ownership.
The five-point opinions included building more houses
for low-income urban families, encouraging home buying, supporting property
developers to deal with changing market, enhancing role of local governments in
stabilizing the real estate market, and improving surveillance on the property
market.
The document repeated last Wednesday's decision that
the government will solve the housing problem for 7.47 million low-income urban
families and 2.4 million households in shantytowns in the next three years.
Rural homes in dangerous condition will also be renovated.
It detailed the goal for 2009, during which the
government will help overcome housing difficulties for 2.6 million low-income
urban families and 800,000 households in shantytowns.
It also repeated all other major points adopted by
last Wednesday's executive meeting of the Council.
According to the package, someone who has owned his
home for two or more years can now sell it without having to pay business taxes.
Previously, owners had to wait at least five years before selling houses
tax-free.
If they sell their houses within two years, owners
only have to pay taxes levied on the profit, not the sales price.
To boost home buying, the government also allows
people with "smaller-than-average" apartments to buy a second apartment under
favorable loan terms. Size limits are different in every city.
This is the latest in government efforts to prop up
the real estate sector. Previous measures include pledges to build more
low-income housing and cuts of mortgage rates and down payments for first home
buyers.
Property prices in 70 major Chinese cities rose 0.2
percent in November from a year earlier. The growth rate was the lowest since
the government started to publish the figure in July, 2005.
A total of 2.7 trillion yuan (387.5 billion U.S.
dollars) was pumped into real estate development nationwide in the first 11
months of the year, up 22.7 percent year-on-year. However, the growth rate was
1.9 percentage points lower than the January-October level.
Between January and November, total sales were 490
million sq m, down 18.3 percent year-on-year. Residential sales fell 18.8
percent.
BEIJING, Dec. 17 (Xinhua) -- Chinese Premier Wen Jiabao on
Wednesday called for a healthy development of the country's real estate market
at an executive meeting of the State Council, or the Cabinet.
A document released after the meeting said the
recently-adopted domestic demand expansion and economic stimulus policies had
positive impact on the property market. Trading volumes in some cities were
picking up. Full story
BEIJING, Dec. 17 (Xinhua) -- The State Council, or
Cabinet, on Wednesday announced a new real-estate stimulus package emphasizing
low-income housing and home ownership.
It was unveiled at an executive meeting of the
Council, presided over by Premier Wen Jiabao.
The government said the package will benefit 7.5
million low-income urban families and 2.4 million households in shantytowns in
the next three years. Rural homes in dangerous condition will also be
renovated. Full story
