China cracks down on property speculation   2010-04-15 17:59:45 FeedbackPrintRSS

Video: More measures to regulate property market

BEIJING, April 15 (Xinhua) -- The Chinese government has raised the down payment for second-home buyers to a minimum 50 percent of the value from 40 percent, in a bid to curb property speculation.

The decision was announced in a statement released Thursday after conclusion of an executive meeting of the State Council, the Cabinet, presided over by Premier Wen Jiabao, on Wednesday.

First-home buyers must pay no less than 30 percent of the the property price if the area is above 90 square meters, the statement said.

The government was stepping up the introduction of tax policies to influence purchases and adjust property investment returns, said the statement.

Nationwide, land use for the construction of low-income housing, shanty town renovation and small and medium-sized homes (below 90 square meters) should account for at least 70 percent of the land approved for property development, the statement said.

It also urged local authorities to accelerate housing construction approvals to ensure effective land supply, and crack down on land hoarding and speculatory behavior.


China to increase land supply for housing to guide property market

BEIJING, April 15 (Xinhua) -- The Chinese government said Thursday it plans to increase the land supply available for residential property, in a bid to guide the country's runaway property market into more healthy development.

China will supply 180,000 hectares of land nationwide to build houses this year, excluding the Tibet Autonomous Region, compared with an area of 76,461 hectares in 2009, the Ministry of Land and Resources said.  Full story

Chinese city home prices soar nearly 12% in March as property market continues to hot up

BEIJING, April 14 (Xinhua) -- China's property market continued to hot up in March with home prices in major cities growing at a double-digit pace, even as the government tries to rein in prices, official data released Wednesday showed.

Home prices in China's 70 large and medium-sized cities including Beijing, Shanghai and Guangzhou increased 11.7 percent in March from a year earlier, the National Bureau of Statistics (NBS) said in a statement on its website.  Full story

China's economic recovery momentum strong, difficulties remain: Cabinet

BEIJING, April 14 (Xinhua) -- China's economic development environment remains "very complex" with difficulties and problems persisting in the process of its economic recovery, said the State Council Wednesday.

The national economy was heading toward the goal of macroeconomic regulation, with a strong foundation for economic recovery, said a statement released after a Wednesday executive meeting of the State Council, the Cabinet, chaired by Premier Wen Jiabao.  Full story

China's GDP grows 11.9% in Q1, fueling overheating fears

BEIJING, April 15 (Xinhua) -- China's economy expanded 11.9 percent year on year in the first quarter, indicating a solid recovery of the world's third largest economy, but also fanning concerns of asset bubbles.

The gross domestic product (GDP) in the first three months totaled 8.07 trillion yuan (1.19 trillion U.S. dollars), the National Bureau of Statistics (NBS) announced Thursday.  Full story

China's CPI rises 2.4% in March, inflation target difficult

BEIJING, April 15 (Xinhua) -- China's consumer price index (CPI), the main gauge of inflation, rose 2.4 percent year on year in March, the National Bureau of Statistics (NBS) said Thursday.

The CPI was down 0.7 percent from the previous month, and for the first quarter up 2.2 percent from the same period last year, NBS spokesman Li Xiaochao said.  Full story

Editor: Yang Lina
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