Business / Policy Watch

No plan to ease property curbs in Beijing

By Yao Jing (China Daily) Updated: 2014-07-28 20:39

Beijing is not planning to ease its restrictions on acquiring residential properties as many local governments are trying to boost the market through eliminating related policies.

"Beijing will not announce new measures in the real estate sector," Beijing Mayor Wang Anshun said during a meeting on Beijing's economic situation in the first half, quoted Beijing News.

The elimination of related rules will weaken the motivation to restructure and affect the sustainable development of the city, according to Wang.

In the first half of this year, the property sector accounted for 6 percent of the capital's total gross domestic product, a drop of 0.8 percentage point compared with the same period last year.

Meanwhile, Beijing's commercial buildings saw sales of 5.36 million square meters in floor area, a decline of 34.8 percent compared with the previous year.

Figures show that the city's economic growth is less dependent on the real estate industry.

"Still, we cannot underestimate the position of the real estate in the economy as the size of Beijing's property sector is very big," said Liu Yuanchun, assistant dean at the Renmin University of China School of Economics.

Among 49 cities that introduced property policies, more than 20 have lifted home purchase restrictions.


China speeds up drafting of property regulation

Developers placing bets on casinos overseas

Chinese are No 1 buyers of US residential property

Property developer uses helicopters and models for promotion

Investment slows amid cooling Chinese property market

Hot Topics

Editor's Picks