China to assess impact of property curbs

The central Chinese government has sent eight “special” teams to evaluate the effects of the real estate tightening measures implemented across the country, in a move to prevent a housing bubble from creating social unrest.

“The key point (of the move) is probably to reiterate that the government is serious about property controls and will work firmly to stabilise property prices,” according to an unidentified government source.

“After the inspection, relevant government departments will announce the results.”

In addition, a separate team has been dispatched by the Ministry of Land and Resources to advise local governments to cool increasing land prices. Local governments have an absolute interest in the buoyant real estate sector, according to a source.

Many Chinese cities, such as Guangzhou and Beijing, were required by the cabinet to provide limitations on home price changes this year, during the next month or so.

Starting 1 May, real estate developers must disclose the price of the units they are selling upon their launch, said the National Development and Reform Commission, the country’s most influential economic planner.

Source : PropertyGuru – 24 Mar 2011

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