On March 31, after the announcement of annual housing price control targets in cities like Shanghai and Guangzhou, Dongguan announced its price-control objectives for newly-built residential properties in 2011.
In a statement on its property control targets, the municipal government said that it aims to keep the rate in new residential property prices this year no higher than the growth of the local gross domestic product (GDP).
Based on the municipal government work report passed in the Dongguan Municipal People's Congress in 2011, Dongguan has set a GDP growth goal of 8.5% earlier this year. Therefore, the government sets the property price-control objective at 8.5%.
On Jan.26, China's housing ministry asked all local authorities to set annual property price control targets by the end of March as part of efforts to fulfill the State Council's tightening measures to cool down the country's real-estate market.
(By Tan Jing)
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