Business / Industries

National curbs on property market to continue

By Yu Ran ( Updated: 2012-12-25 16:54

The Ministry of Housing and Urban-Rural Development declared on Dec 25 that national controls to curb overinvestment in the property market will continue in 2013.

The ministry also said it will work to improve the system that provides information on personal residences in cities and villages.

The ministry plans to complete construction of 4.6 million apartments and launch 6 million new residential projects next year.

China tightened its curbs on the property sector in 2010, when home prices rose beyond the reach of average wage-earners.

The government released a series of restrictions to control house purchases in several cities by requiring higher down payments and introducing property taxes.

After the central government tightened policies for home purchases, property investors' enthusiasm cooled down dramatically in 2011, and housing prices fluctuated frequently in 2012.

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