Xiongan fights real estate speculation after prices skyrocket

Updated 2017-08-31 09:30:54 Global Times

Officials in Xiongan New Area, North China's Hebei Province, are striving to crack down on speculators in the city's real estate market, who they say have propelled rental prices to rise as much as 400 percent in the past few months.

The Management Committee of the Xiongan New Area on Tuesday issued six measures to fight real estate speculation and illegal activities in the area's housing rental market, according to an article on the committee's official WeChat account.

The measures were put in place after housing prices surged following the official establishment of the new area of "national significance" in April.

In Rongcheng, one of the three counties in Xiongan New Area, rental prices for commercial properties have doubled or tripled since April, and residential housing rent rose as much as 400 percent during the period, according to the post.

Speculation has been a major issue in the city after the announcement, which could mean millions of dollars of investment in the area. Xiongan officials have handled more than 270 illegal housing rent cases in the area, according to the article.

In addition to speculation, real demand for commercial and residential properties has also grown exponentially. Just in Rongcheng county, about 65 large companies have moved in over the past few months, the article said.

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