China Continues to Enhance Regulating Property Market in 2011

China will enhance regulating its property market in 2011 and strengthen implementation of the tightening measures already unveiled by the government, a senior official said Wednesday.

Jiang Weixin, minister of Housing and Urban-Rural Development, said at a national work conference that China would clamp down on speculative home purchases and curb excessive growth in property prices next year.

The country has rolled out a string of tightening measures to cool the real estate market in 2010, including suspending mortgages for third-home purchases, speeding up trials of property taxes and raising down payment requirements for first-home buyers, which have "helped contain speculative demand to some extent", Jiang said.

Further, Jiang noted that the ministry would assess local governments' performances in stabilizing property prices to ensure central government measures are properly implemented.

China will also continue to increase the land supply available for residential property and strengthen management of the Public Housing Fund in 2011.

The country built 5.9 million units of affordable housing and renovated 1.36 million dangerous rural dwellings in 2010, compared with the annual target of 5.8 million units and 1.2 units, respectively, Jiang said.

Further, China will increase the supply of affordable housing, renovate more shantytowns and develop public rental housing to solve the housing problem of middle- and low-income earners, the newly-employed and migrant workers, Jiang said.