China strengthens control of housing, land use

Updated 2017-04-06 17:00:42 Xinhua

A government statement released Thursday outlined the steps taken to prevent housing and land price hikes.

The circular, jointly issued by the Ministry of Housing and Urban-Rural Development and Ministry of Land and Resources, said that local governments should stop land deal if current inventories will take more than 36 months to be shifted.

Local governments should disqualify any bid backed by capital from questionable sources, said the circular.

The circular demanded that local authorities make bidding flexible, and outline punishments for inadequate or fabricated work by local authorities.

It said that cities and counties that have more than one million inhabitants should make three-year (2017-2019) and a five-year (2017-2021) plans for housing land supply, and make the plans public by the end of June.

Sales of land for residential projects almost doubled in China's first-tier cities during January-March, according to China Index Academy, a property research organization.

Land sales in major cities, like Beijing, Shanghai and Guangzhou, totaled 5.08 million square meters in the first quarter, an increase of 98 percent from a year ago, the highest for the past two years.

The government is trying to cool runaway housing prices in major cities where huge demand and limited supply have pushed prices to record high.

Major Chinese cities are taking fresh measures including increased deposits for second-home buyers, adding to the slew of steps taken since October in dozens of cities to prevent home prices from rising out of control.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58January 20 2018 23:14:50

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16January 20 2018 23:14:50

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18January 20 2018 23:14:50

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords