Surging home prices 'effectively curbed'

Updated 2018-03-20 09:54:02

Rental, joint ownership to be supported

China's surging home prices have been effectively curbed and the country will beef up efforts to maintain the stable development of the domestic housing market by advancing reform, a senior official said.

During the past year, the overall situation of China's real estate market has been stable, thanks partly to regulations that have been tailored to local markets across the country, Wang Menghui, minister of housing and urban-rural development, said on the sidelines of the 13th National People's Congress (NPC) on Monday.[Special coverage]

Wang also said that thanks to the government's tough purchase restrictions, "the soaring housing prices have been effectively curbed."

Housing prices remained largely stable in major Chinese cities in February.

On a monthly basis, new home prices declined in 12 of the 15 major cities, considered the "hottest markets," while those in 55 other major cities surveyed posted slower or flat growth in February, data from the National Bureau of Statistics (NBS) showed on Monday.

Average prices for new homes in Beijing, Shanghai, and Guangzhou and Shenzhen in South China's Guangdong Province dropped from the previous month, falling by 0.3 percent, 0.2 percent, 0.4 percent and 0.6 percent, respectively, said the NBS.

The housing authorities will continue to advance reform of the housing system and promote the construction of a long-term mechanism for China's real estate market, Wang said, noting that it's important to ensure the continuity and stability of policies related to the housing market.

Efforts will be made to boost the rental market, said Wang, adding that jointly owned homes will also be promoted.

He said a policy system tailored for different housing markets across China will be set up and improved in the future.

The authorities will also strengthen supervision and crack down on illegal property firms and agencies, he noted.

The Government Work Report that Premier Li Keqiang delivered at the opening meeting of the 13th NPC reiterated that "houses are for living in, not for speculation."

The report also promised to "develop the housing rental market and joint ownership homes."

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