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Reining in housing speculation in high-price cities

Reining in housing speculation in high-price cities

Write: Ricker [2011-05-20]

China will restrict housing speculation moves in cities with skyrocketing housing prices and insufficient supply, the National Business Daily reported Wednesday, citing an unidentified official with the Ministry of Housing and Urban-Rural Development (MOHURD).

Multiple and bulk home purchases will be restricted, the official said. The ministry also stressed that it would curb the alarming rise of housing prices in some cities.

More strict and differentiated credit and tax policies will be implemented to multiple home purchasers to rein in housing speculation, according to the official.

The ministry urged governments at all levels to support low-income housing construction.

The national goal for 2010 is to build 3 million apartments for low-income families, renovate 2.8 million in urban shantytown areas, and expand renovation of dilapidated houses in rural areas, said the official.