Property bubble fears mount for the Xiongan New Area

Updated 2017-06-09 12:23:31 China Daily

Property prices should not be allowed to spiral out of control in the Xiongan New Area when development gathers pace.

Wu Hequan, deputy director of the Council of Experts for Coordinated Development of the Beijing-Tianjin-Hebei Region, issued the warning at a forum on urban construction in Beijing.

"There have been many places in China where house prices have risen too quickly," he said.

"At times, they have even been out of control. But Xiongan cannot afford to allow that to happen."

The central government announced plans to establish Xiongan New Area in April in order to integrate Beijing-Tianjin-Hebei development, and cut congestion and pollution in the capital.

The decision has since triggered a speculation frenzy in the property market, which has now prompted policy makers to call for tighter controls on real estate development in the area.

Xu Kuangdi, director of the Council of Experts think tank, stressed the environmental elements of the new area and its "green" potential

"The principle of the plan of the new economic zone is that it should be a livable, modern city with green spaces taking up more than half of the area," he said.

A blueprint for the area is still being studied and discussed by China's top institutions.

An overall plan will then be submitted to the central authorities for consideration.

Xu stressed that a new development model would be tested in Xiongan New Area. Balancing residents rights, controlling house prices and developing industry would be challenging, he said.

"The construction of underground infrastructure will be one of the bright spots," he said.

A disaster protection system, water supplies, electricity cables and gas pipes will be built under the surface along with a high-speed rail network and city traffic lanes.

"On the surface we will have green areas and sidewalks," said Xu.

Construction should focus on a more efficient transport network, environmental protection, urban and rural integration, and innovative urban planning.

"Industry in the economic zone should develop high-end manufacturing, featuring integrated production services," said Huang Qunhui, director of the Institute of Industrial Economics under the Chinese Academy of Social Sciences.

Located about 100 kilometers southwest of downtown Beijing, Xiongan New Area will cover the three existing counties of Xiongxian, Rongcheng and Anxin in Hebei province.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58December 11 2017 12:02:32

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 12:16December 11 2017 12:02:32

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18December 11 2017 12:02:32

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

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