Land and Property Policy News
- Property market still overheated: regulator
Date: 29-Dec-2006 Sources: (Shenzhen Daily)
THE domestic property market is still overheated, with measures taken to control the sector falling short of expectations, the China Securities Journal reported Thursday, citing a banking regulatory official.
Jiang Dingzhi, vice chairman of the China Banking Regulatory Commission (CBRC), said Wednesday that problems include unethical pricing by some developers and real-estate agents, local governments' fixation on income from property deals, and inadequate supply of low-cost housing.
'Controls over China's property market overall haven't achieved their expected outcomes. The property market is unstable, the trend of overheating still exists,'he said.
Jiang proposed increases in housing and rental subsidies for low-income earners, and reining in excesses by local governments as possible solutions, the report said.
The CBRC has cracked down on bank lending to the property sector this year as part of a government campaign to limit rising housing prices.
But the government remains wary of the potential for further asset bubbles, with the National Development and Reform Commission warning last month against losing control of overheating industries such as property.
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